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Watch onA holiday-shortened final week of the quarter started with a whimper in financial markets, with the buoyant dollar knocked by concern about Japanese and Chinese action to shore up the listing yen and yuan.
Last week's sweep of central bank meetings seem to have convinced everyone interest rate cuts are coming by the end of the second quarter and overseas policymakers will at least match the Federal Reserve blow for blow - speculation that lifted the dollar across the board last week. Japan's top currency diplomat Masato Kanda said on Monday the yen's current weakness did not reflect fundamentals, seemed somewhat speculative and nothing would be ruled out if moves got out of hand."I feel something strange about it," he said.
And there was relief that another threatened government shutdown was averted over the weekend - and the issue put aside for six months. With two-year notes under the hammer again later on Monday, the main Treasury market volatility index has fallen to its lowest in more than two years.
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