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Watch onSINGAPORE - The dollar was on the front foot on Monday and kept the yen pinned near a multi-decade low, though the threat of currency intervention from Japanese authorities prevented the greenback from heading further north.
"Japanese officials' verbal intervention is making 152 a very strong near-term resistance for dollar/yen," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. A shift in the global rate outlook following a flurry of central bank meetings has breathed new life into the dollar, on expectations that the Federal Reserve is likely to keep rates higher for longer while its peers elsewhere begin easing rates.
Sterling eased 0.02% to $1.25985, having slid more than 1% last week following dovish signals from the BoE. The Financial Times also reported on Friday that Governor Andrew Bailey said rate cuts"were in play" this year. The dollar index was last 0.03% higher at 104.46, having clocked a weekly gain of nearly 1% last week.
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