Sterling outperformance alongside Yen underperformance provided side themes to an otherwise directionally subdued day so far, with the Dollar for the most part consolidating the moderate gains seen yesterday. USD-JPY was floated by broad Yen weakness amid a backdrop of a continued relief rally in equity markets in Asia and Europe, which has seen some more of the risk-off premium built into the Japanese currency’s valuation unwind. The pair pegged a fresh 11-day high at 108.73, and EUR-JPY printed a three-week high.
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