The dollar fell against the euro and the yen Monday as last week's rally subsided after Japanese data highlighted the imbalance between Asian trade surpluses and U.S. deficits.

Data released early Monday showed that Japan's December trade surplus jumped more than expected, helping to send the yen higher.

By midmorning in New York, the dollar was trading at 104.97 yen , down 0.7 percent from late Friday in New York, and the euro was trading at $1.2967 , up about 0.8 percent.

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