The dollar settled back to near net unchanged against the euro, yen, sterling, among other currencies. There was a risk averse theme during the Asia session, but this gave way to a more positive sentiment during the European AM session. The yen rallied and then came off the boil, more than reversing gains seen during the Tokyo session following the PBoC's setting of the yuan reference rate 0.16% higher today. The Chinese currency's move sparked risk-off positioning in Asia, but this hasn't spread to Europe where stock markets have posted decent rebounds.
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