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Dollar retreats from 2-month high, yuan turns higher

The dollar fell from a two-month high on Monday following five straight weeks of gains, as risk sentiment improved in Europe, with attention already turning to the Federal Reserve’s Jackson Hole symposium which kicks off on Friday.

The dollar index, which measures the currency against six other majors, was last down 0.2% at 103.18, but still close to Friday’s two-month high of 103.68.

“Risk appetite seems a lot steadier than it has done in the last few weeks which seems to be weighing on the dollar,” said Michael Brown, market analyst at Trader X, noting that European shares are higher and Wall Street futures point to a positive open.

“In the grand scheme of things, moves are pretty limited … I’m loathed to read too much into today’s trade before Jackson Hole,” Brown added

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