The dollar remained on the backfoot early on Thursday, having fallen for a third session against the yen as the market unwound stretched positions to lock in profits with just one full week of activity left this year.
The dollar fell as far as 117.70 yen, continuing to pull back from a seven-year peak of 121.86 set on Monday as crowded long-dollar trades were thinned out.
The euro retested Tuesday’s high of $1.2448, recovering from a 2-1/2 year trough of $1.2247. Even the Australian dollar popped back above 83 U.S. cents from a 4-1/2 year low of $0.8223.
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