The dollar rose to a near seven-week high against the yen on Tuesday as easing tensions over Syria and encouraging Chinese economic data eroded demand for the safe-haven Japanese currency.
The yen also weakened to a 3-1/2-month low against the euro, while the higher-yielding Australian and New Zealand dollars rallied as investors’ appetite for risk increased.
Syria accepted a Russian proposal on Tuesday to give up chemical weapons and win a reprieve from U.S. strikes. The diplomatic initiative marks a sudden reversal after weeks in which the West appeared finally headed toward intervention in a 2-1/2-year-old war.
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