The dollar was on the uptick through the morning session, then rallied broadly following Yellen’s comments, where she left a December rate hike firmly on the table, saying the Fed should be “wary of moving too gradually.” EUR-USD initially moved up to 1.1795 from 1.1780, before falling to new one-month lows of 1.1758. USD-JPY topped at 112.48, from lows near 112.00. Short covering reversed these moves however, seeing USD-JPY steady near 112.20, and EUR-USD reclaiming the 1.18 handle. USD-CAD faded into 1.230 ahead og BoC governor Poloz’s Wednesday speech, while cable recovered 1.3450.
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