The dollar has traded mixed in early-week trading so far, gaining on the euro and yen, but losing ground to sterling, the Canadian dollar and other dollar bloc currencies. The yen weakened in the wake of Japan’s election, which returned Abe as prime minister with a resounding mandate for a continuation of ‘Abenomic’ policies, which favour ultra-accommodative monetary policy. USD-JPY rallied to a fresh three-month high of 114.10 in early Asia-Pacific dealing before settling in the upper 113.0s. EUR-JPY logged a one-month peak at 134.12, and AUD-JPY also scaled to one-month highs.
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