USD/JPY sits under 99.50 as PMI pleases

The safe-haven yen started Asian trade at one-month lows against the dollar on Tuesday, having fallen broadly as fresh signs of a pickup in global manufacturing activity helped lift risk appetite.

The market had already started to unwind much of last week’s safe-haven trades as worries about an imminent military strike against Syria eased after U.S. President Barack Obama decided to seek congressional approval.

The dollar bought 99.33 yen, having gained more than 1 percent on Monday to a high around 99.43, a level not seen since Aug. 2. The euro also climbed around 1 percent to reach a one-week high near 131.40 yen, pulling well away from last week’s trough of 129.31.


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