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The figure represents a small percentage of Amazon’s 1.55 million total employees, but nearly 10% of the company’s roughly 350,000 corporate employees. This would represent the largest job cut at Amazon since around 27,000 jobs were eliminated starting in late 2022.

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An Amazon spokesperson declined to comment.

Managers of impacted teams were asked to undergo training on Monday for how to communicate with staff following notifications that will start going out via email on Tuesday morning, the people said.

Amazon CEO Andy Jassy is undertaking an initiative to reduce what he has described as an excess of bureaucracy at the company, including by reducing the number of managers. He installed an anonymous complaint line for identifying inefficiencies that has elicited some 1,500 responses and over 450 process changes, he said earlier this year.

The full scope of this round of job cuts was not immediately clear. The people familiar with the matter said the number could change over time, as Amazon’s financial priorities shift. Fortune earlier reported that the human resources division could be targeted with a cut of roughly 15%.

Amazon shares were up 1.2% at $226.80 on Monday afternoon. The company plans to report third-quarter earnings on Thursday.

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By Karen Brettell

(Reuters) -The U.S. dollar weakened against the euro, Chinese yuan and Australian dollar on Monday as optimism over a possible U.S.-China trade deal boosted risk appetite and reduced demand for the greenback.

Overall moves in the currency markets were relatively muted as traders also waited on several key central bank meetings this week.

U.S. President Donald Trump said on Monday the United States and China were set to “come away” with a trade deal. Trump is expected to meet Chinese President Xi Jinping this week in South Korea.

“The market’s kind of euphoric,” said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York, noting strong gains in global stock markets while gold fell.

The markets are cheered by three main developments, Chandler said.

“It looks like the U.S. and China moved away from the brink. The U.S. struck foreign trade deals or frameworks with some East Asian countries, and Milei did better in Argentina,” Chandler said, referring to the president of the South American country.

Argentine President Javier Milei’s party cruised to victory in midterm legislative elections as voters handed him a mandate to keep pushing through his overhaul of the economy.

The dollar index was last down 0.11% at 98.84, with the euro up 0.15% at $1.1643.

Central banks may dominate market direction later this week, with the Federal Reserve and Bank of Canada expected to cut rates on Wednesday, while the European Central Bank and Bank of Japan on Thursday are likely to leave rates unchanged.

With a 25-basis-point Fed rate cut long priced in, markets will closely watch for any signs that the central bank may be preparing to wind down its quantitative tightening program.

The Chinese yuan was also boosted by the People’s Bank of China setting the official yuan midpoint rate higher than expected. Prior to the market open, it set the official yuan midpoint rate at 7.0881 per dollar, the strongest since October 15, 2024, and above a Reuters estimate of 7.1146.

Chris Turner, global head of forex research at ING, said in a report that the move may be a gesture of goodwill ahead of Thursday’s Trump-Xi meeting, or a sign that China wants to boost its domestic demand.

“Either way, a stronger renminbi is normally supportive for global EM (emerging market) currencies and a mild dollar negative,” Turner said.

The Chinese offshore yuan rose to a more than one-month high against the dollar of 7.1015.

The Australian dollar was last up 0.63% versus the greenback at $0.6554. The Australian currency was also boosted by relatively hawkish comments from the country’s central bank head.

Reserve Bank of Australia Governor Michele Bullock said on Monday a rise in core inflation of 0.9% in the third quarter would be a “material miss” to forecasts that would have to be weighed by the board when judging whether to cut interest rates next week.

Traders are also focused on a meeting on Tuesday between Trump and Japan’s new Prime Minister Sanae Takaichi, where the two leaders will discuss trade issues.

The Japanese currency has weakened in recent weeks on concerns that Takaichi will implement more expansionary fiscal policies.

Against the Japanese yen, the dollar was roughly flat on the day at 152.92 yen.

Investors are further watching for any indication on when the U.S. federal government will reopen, with the U.S. economy expected to take a bigger hit the longer the shutdown goes on.

Air travel turmoil deepened with more than 2,700 flights delayed nationwide on Monday and more than 8,600 delays on Sunday, with air traffic controller absences surging amid a federal government shutdown now in its 27th day.

In cryptocurrencies, bitcoin gained 1.82% to $115,454.

(Reporting by Karen Brettell; Additional reporting by Stefano Rebaudo. Editing by Muralikumar Anantharaman, Mark Potter, Will Dunham, Andrew Heavens and Aurora Ellis)