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Dollar Slips Against Yen as Markets Eye Syria

Dollar dips against safe haven yen after Syria strikes - The dollar slipped lower against the yen on Monday as markets assessed the fallout from U.S.-led missile strikes on Syria on Friday, but losses were limited amid expectations that the conflict would not escalate further.

USD/JPY was down 0.15% to 107.23 by 03:31 AM ET (07:31 AM GMT), after rising briefly to an overnight high of 107.60.

The safe haven yen is often sought in times of market turmoil and political tensions.

The dollar’s losses against the Japanese currency were held in check by relief that the missile strikes on Syria did not prompt a response from Russia, Syria’s main ally, but markets remained on the lookout for any signs of escalation of the conflict.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, edged down to 89.47 after ending last week down 0.31%.

The euro edged higher, with EUR/USD last at 1.2335 after ending little changed for the day on Friday.

The pound was steady, with GBP/USD trading at 1.4246 after rising to ten-week highs on Friday amid expectations for a rate hike by the Bank of England as soon as next month.

The risk sensitive Australian dollar was almost unchanged, with AUD/USD last at 0.7766, while the New Zealand dollar edged lower, with NZD/USD dipping 0.12% to 0.7350.

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