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Euro, sterling steady ahead of rate decisions

This article was originally published in Dairy Markets

The yen edged back in Far East trading overnight towards yesterday's three-month high against the dollar of $1 = ¥117.60, after the Japanese currency's gains were wiped out on Wednesday as the US stock market steadied after its recent heavy losses. The yen also rose against the high-yielding Australian and New Zealand dollars this morning as cautious investors continued to scale back risky carry trades, while the euro was trading at 1 = ¥162.32, off Wednesday's low of 1 = ¥160.47. Sterling was trading at £1 = ¥241.06, well above yesterday's two-month low of £1 = ¥237.59.

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