The dollar majors have posted narrow ranges so far today, heading into the London interbank open. EUR-USD has consolidated in a narrow range, for instance, just above Friday’s three-week low at 1.1543, USD-JPY dipped to a low of 110.30, which is 60 pips below the high that was seen on Friday. The decline reflected moderate yen firmness, seen amid the backdrop of next-level trade tensions following the Trump administration’s slapping of tariffs on $50 bln worth of Chinese imports on Friday, and Beijing’s near instant response of tariffs on U.S. imports.
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