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FOREX-Dollar regains footing vs yen, Swiss franc in choppy trading

* Trade war could be dollar-positive or -negative-analyst

* Dollar stages recovery as U.S. stocks bounce

* Markets still edgy though in face of trade tensions

* ADP payrolls report shows higher-than-expected jobs gain

* Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVh

(Recasts, adds comment, updates prices in text, FX table)

By Gertrude Chavez-Dreyfuss

NEW YORK, April 4 (Reuters) - The dollar recovered against

the yen and Swiss franc on Wednesday, bolstered by a rebound on

Wall Street, as investors turned less pessimistic about the

impact of China's move to slap tariffs on key U.S. imports in

response to a similar measure from the United States.

Some analysts said the trade tension may not have as severe

an impact on the dollar as initially thought. And if it ends up

having an impact, it could be either a positive or negative

factor for the greenback.

"There is a scenario that is dollar positive in that maybe

the current account deficit is reduced or the Fed raises rates,"

Steven Englander, head of research and strategy at Rafiki

Capital (Other OTC: CGHC - news) in New York, said.

"Normally that would be seen as dollar positive. But there

is a dollar negative aspect in that perhaps the tariffs apply to

some necessary components of the U.S. economy, and slow it

down," he added.

In the midst of the U.S.-China trade tension, the dollar has

weakened in three of the last five sessions against the yen,

down more than 5 percent so far this year. Against the Swiss

franc, the greenback has fallen 1.4 percent so far in 2018.

The Japanese and Swiss currencies tend to appreciate in

times of geopolitical and economic stress.

China on Wednesday proposed tariffs on U.S. imports

including soybeans, planes, cars, beef and chemicals.

The Chinese plan came hours after Washington

unveiled a detailed breakdown of some 1,300 Chinese industrial,

transport and medical goods that could be subject to 25 percent

duties.

The Chinese news dominated the market, overshadowing a U.S.

employment report by payrolls processor ADP which showed a

higher-than-expected 241,000 private sector jobs created last

month.

"To the extent it is useful, (the ADP survey) points to a

labor market still in exceptionally good health," said Paul

Ashworth, chief U.S. economist at Capital Economics in Toronto.

In afternoon trading, after trading lower for most of the

session, the dollar rose 0.1 percent against the yen to 106.72

yen, and gained 0.2 percent versus the Swiss franc to

0.9606 franc.

The dollar, however, dipped 0.1 percent against a basket of

six major currencies to 90.14, as the euro edged up

slightly versus the dollar to $1.2280.

In the aftermath of the Chinese tariffs, the yuan on

Wednesday suffered its biggest one-day loss versus the dollar

since mid-February, down 0.6 percent at 6.3094 yuan per dollar.

The Chinese currency had been strengthening this year,

fueling speculation on whether Beijing can intervene in markets

to limit its rise.

========================================================

Currency bid prices at 2:52PM (1852 GMT)

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Euro/Dollar EUR= $1.2281 $1.2269 +0.10% +2.38% +1.2314 +1.2257

Dollar/Yen JPY= 106.7200 106.5900 +0.12% -5.28% +106.7900 +106.0000

Euro/Yen EURJPY= 131.08 130.79 +0.22% -3.03% +131.1400 +130.2400

Dollar/Swiss CHF= 0.9604 0.9586 +0.19% -1.43% +0.9609 +0.9552

Sterling/Dollar GBP= 1.4078 1.4056 +0.16% +4.19% +1.4096 +1.4016

Dollar/Canadian CAD= 1.2784 1.2805 -0.16% +1.65% +1.2847 +1.2775

Australian/Doll AUD= 0.7707 0.7683 +0.31% -1.21% +0.7717 +0.7663

ar

Euro/Swiss EURCHF= 1.1796 1.1765 +0.26% +0.92% +1.1804 +1.1757

Euro/Sterling EURGBP= 0.8723 0.8726 -0.03% -1.81% +0.8759 +0.8714

NZ NZD= 0.7307 0.7256 +0.70% +3.12% +0.7309 +0.7256

Dollar/Dollar

Dollar/Norway NOK= 7.8273 7.8367 -0.12% -4.65% +7.8586 +7.8091

Euro/Norway EURNOK= 9.6115 9.6183 -0.07% -2.41% +9.6552 +9.6031

Dollar/Sweden SEK= 8.3983 8.3898 +0.19% +2.40% +8.4171 +8.3775

Euro/Sweden EURSEK= 10.3163 10.2970 +0.19% +4.85% +10.3495 +10.2839

(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by

Daniel Bases; Editing by David Gregorio and Chizu Nomiyama)