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LONDON, Nov 6 - The U.S. dollar extended its decline on Monday, having fallen last week by the most since July after the Federal Reserve dialled down its hawkish rhetoric and U.S. data showed signs of moderation.
"We always say bad news is good news," said Tina Teng, a market analyst at CMC Markets in Auckland."So it's good then there is expectation for the Fed and other central banks to end the rate hike cycle sooner."Dane Cekov, senior FX strategist at Nordea, called last week's moves an"over-reaction", saying the jobs data was a"mixed bag".
The latest growth and inflation data from the euro zone and manufacturing surveys from China bear that out. Fed Chair Jerome Powell speaking of balanced economic risks sent Treasury yields lower last week, with further declines after the softer U.S. data. The Japanese yen slipped 0.2% to 149.62.5 per dollar. Nordea's Cekov said the yen likely needs to be around the 155 per dollar area for Japanese authorities to consider intervention or to talk the currency up.
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