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Dollar recovers against yen in New York

The dollar rallied against the safe-haven Japanese yen on Monday, but stayed weaker versus the Swiss franc, as market sentiment remained cautious amid concerns about a broader escalation of Mideast conflicts after the United States killed Iran's most prominent military commander.

“On the technical side, the yen has been strengthening even before the Iran thing so that play may be overdone below 108 yen and we’re seeing the dollar coming back toward 109 yen,” said John Doyle, vice president of dealing and trading at Tempus Inc in Washington.

“With something like this big, the major knee-jerk risk-off move is often short-lived and that’s basically what we’re seeing now. Equities basically are back flat and that correlates well with dollar/yen,” he added.

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