The dollar has opened the week on a consolidative footing after tumbling to fresh trend lows last week. EUR-USD has been plying a narrow range in the lower 1.2400s, off from last Thursday’s 37-month high at 1.2537. USD-JPY, after last week posting a four-month low at 108.28, has been oscillating with 108.51 and 108.99 so far today. EUR-JPY and other yen crosses are similarly devoid of directional impulse. There is some argument in favour of a rebound in the case of USD-JPY, and the dollar more generally.
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