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Yen extends rally, sterling holds near Wednesday's lows

This article was originally published in Dairy Markets

The yen extended Wednesday's gains versus the dollar in Far East trading on Thursday, rising over 1% at one point. The dollar dropped below yesterday's low of $1 = ¥97.00 to touch $1 = ¥95.95, its weakest in two weeks, after its rally from a 13-year low in January lost steam as it approached 100 yen last week. Yen buying was triggered by investors deciding on Wednesday that the dollar's recent gains had gone far enough without new stimulus.



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