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Business

REUTERS
April 17, 2018

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Dollar firm

TOKYO: The dollar firmed on Monday, hovering near a two-month high against the yen, after the market gained some clarity following military strikes on Syria by the United States and its allies at the weekend.

The United States, France and Britain launched missiles targeting what the Pentagon said were chemical weapons facilities in Syria on Saturday, in retaliation for a suspected poison gas attack on April 7.Suggesting that the military action would not be prolonged, Trump declared "mission accomplished" after the strikes. The greenback gained against the yen after the military intervention, although the Japanese currency usually draws demand in times of political tension and market turmoil thanks to its perceived safe-haven status.

The U.S. currency was 0.2 percent higher at 107.515 yen. A rise above Friday´s high of 107.780 yen would take the dollar to its highest since Feb.22. "The reaction in currencies have been limited as President Trump had provided advance notice about a possibl e strike on Syria, giving speculators ample time to brace for the actual event," said Yukio Ishizuki, senior forex strategist at Daiwa Securities.

"Many speculators are showing less of a response to yen-supportive factors lately, after the Bank of Japan made clear it was not going to normalise policy soon.

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