The dollar came under some pressure in N.Y. trade on Tuesday, perhaps as global financial market distress resulted in offloading of positions, ahead of what the FX market apparently thinks could be dovish leaning Yellen congressional testimony on Wednesday. EUR-USD vaulted to better than three month highs of 1.1338, with talk of euro carry trade unwinding heard. USD-JPY recovered from overnight lows of 114.22, peaking at 115.38 in N.Y., before easing again, as Wall Street's nascent rally reversed lower once again.
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