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Greenback pulls back off 9-month peak vs. yen

On Thursday, the evergreen buck reached a fresh nine-month peak against the Japanese yen before losing some of its momentum gained from encouraging American economic data as well as a deal reached by global crude producers to cut output.

China’s firm manufacturing data also contributed to the upbeat news for traders, although some economists told that the greenback might be approaching a sweet spot for profit-taking.

The currency pair USD/JPY sagged to ¥113.91, having touched as high as ¥114.83 earlier in Asian trade, thus marking the highest outcome since February 16. Late on Wednesday, the greenback was trading at ¥114.45 in New York.

The WSJ Dollar Index BUXX, a measure of the greenback against a basket of key currencies, headed south 0.32%, being worth 91.68. The ICE U.S. dollar index DXY, gauging the US dollar’s value against a half-dozen counterparts, dropped 0.26%, trading at 101.24.

The currency pair EUR/USD added to $1.0624 from $1.0589 late on Wednesday.

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