However, the dollar USDJPY -0.43% retreated against the yen, declining to ¥104.42 from ¥104.77. A firmer yen tends to weigh on Japanese exporters, and Japanese equities, as gauged by the Nikkei Average JP:NIK -2.35% , marked their first trading session of the year by dropping more than 2%.
“After a sloppy start to the trading year, markets are still searching for direction,” said RBC Capital Markets senior currency strategist Sue Trinh in a note to clients Monday. Click Here To Register For Free Trial Services
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