USD crosses: Soft expect Yen – The dollar has traded steady-to-softer so far in early-week trading, though USDJPY is an exception, with the pair nudging to a two-session high of 111.38 as the yen came under a phase of selling. Stock markets have rallied in Asia, aided by a 1%-plus gain in oil prices, gaining for a third consecutive session, which has given an incentive to short the Japanese currency. Weakness on the yen might be also from the fact that we are in the Quarter-end hence portfolios are adjusted this week.
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