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Yen near 1-month highs vs dollar on risk aversion
Thursday, 3 October 2019 15:28 WIB | CURRENCIES | YenDolar ASmata uang yen

The Japanese yen held near a one-month high against the dollar on Thursday as concerns of a weakening U.S. economy spurred hedge funds to pare long positions on the greenback.

Expectations that the U.S. economy would continue to outperform other major economies and put pressure on the U.S. central bank to slow its rate cutting cycle took a hit this week after weak manufacturing surveys.

Tuesday presented a dire picture of U.S. manufacturing with the Institute for Supply Management reading falling to its lowest level in more than 10 years.

Investors now await the ISM services report later in the day and Friday's employment report to confirm or quell recession worries.

Against the Japanese yen, the dollar held just above a one-month low at 106.97 yen, down 1.4% from a high of 108.44 yen hit earlier this week.

Source : Reuters

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