Yen rose against dollar early Monday as traders anxiously weighed the outlook of additional cuts to stimulus by the Federal Reserve in its first meeting of the year. Emerging markets witnessed a selloff that forced traders towards safety, which helped the Japanese yen to breach the narrow range that domianted the trade, especially that it failed to breach 105.45 earlier. Moreover, the high yielding currencies dropped by the beginning of this week, to see the Australian dollar and New Zealand dollar declining against their US counterpart. USD/JPY dropped to record the lowest in seven months at 101.90 and the pair is expected to fall to 100 levels, in case traders continue to buy yen. However, the pair is currently hovering around 102.20. As for the Australian dollar, it dropped against the federal currency to record its lowest at 0.8676, while the pair fell to 0.8659 last week, the lowest since July 2010 . NZD/USD declined to a one month low against its American counterpart to record 0.8195, while the pair is currently trading around 0.8208.
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