The yen and Australian dollar came under pressure, while the dollar traded steady-to-softer versus most other currencies. USD-JPY has forayed to a one-week high of 109.75, extending the recovery from last week’s four-month low at 108.28. Yen crosses also gain, with EUR-JPY, for instance, up by 0.7% in the early London PM session. The rekindling of the global stock market rally and higher dollar yield advantage in the case of USD-JPY, following the Fed’s upgraded growth and inflation forecasts yesterday, has driven the move.
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