FX trade was relatively light in N.Y. trade on Monday, with the dollar mostly steady to lower. Aside from new home sales data, which missed expectations slightly, there was no data to move the market. Wall Street moved lower on earnings misses and profit taking ahead of Wednesday's FOMC announcement, while the dollar appeared to have been caught up in consolidation ahead of the Fed. EUR-USD based at 1.1244 early in the session, before making its way to 1.1278 highs. USD-JPY fell to 110.85 lows, though later recovered to 111.28 as stocks pared losses.
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