Major currencies started this week with narrow trades, after the violent moves seen last week and dollar`s domination that came along with data released from the United States economy. The positive fundamentals seen last week helped dollar to gained against major currencies, especially after the Federal Reserve announced cutting its monthly pace of purchases by $10 billion to $65 billion a month in treasuries and mortgage, adding more demand for the green currency. As for the Japanese yen, it managed to realize some profits against its American counterpart and other majors to represent the safe haven for traders, amid unstable conditions in financial markets. Traders` appetite for risk is limited after the strong sell wave seen in emerging markets, which may give further support to yen as a low yielding currency. USD/JPY is current trading around 102.22, after recording a low of 101.94 last week. The euro yen pair dropped to the lowest in two months at 137.49, and currently it is hovering around 137.86. Moreover, the Australian dollar is showing a consolidating performance since last week, waiting for the Reserve Bank`s decision about interest rate, which is going to affect the AUD`s moves in the coming period. AUD/USD is currently trading around 0.8759, after recording a low of 0.8676 and a high of 0.8824 last week.
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