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NEW YORK/LONDON/TOKYO, July 29 - The dollar held steady on Monday as traders braced for an avalanche of market events featuring midweek policy decisions by the Federal Reserve, Bank of Japan and Bank of England, and what could be a pivotal U.S. employment report for the Fed on Friday.
Dollar/yen was last up 0.13% at 153.995 , reversing an earlier decline of as much as 0.49% to 153.04. The U.S. Federal Open Market Committee is widely expected to leave rates unchanged this week, but to cut them by a quarter point at the following meeting in September. "The market doesn't have much conviction right now. It doesn't have much conviction, because everybody is reading from same song book, what would be called a 'dovish hold' by the Fed," said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York. Data released on Friday showed investors have sharply cut back on their bets against the yen , which was trading at a 38-year low at the start of the month.
Wall Street was steady on Monday, coming off a volatile week marked by a deep two-day shakeout on worries about megacap earnings. The U.S. earnings calendar this week is populated with heavyweights including Amazon.com , Apple , Meta Platforms , and Microsoft , opens new tab. Elsewhere, the Australian dollar was 0.02% firmer at $0.6548, attempting to recover from Friday's low of $0.65105, a level not seen since the start of May.
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