The dollar drifted moderately lower against the euro and yen, and other currencies, giving back some of the gains seen in the wake of last Thursday's ECB's dovish guidance and China's rate cut. EUR-USD, after testing the waters below 1.1000, settled toward 1.1050. USD-JPY ebbed back to the 121.00 area after peaking at 121.51, which is best level since late August. There is now a big market focus on Friday's BoJ meeting, where the bank is also due to update its growth and inflation forecasts.
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