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The yen slid to a five-week low against the dollar on Tuesday

Updated: 10 September 2019 | 11:58 AM

The yen slid to five-week low contrary to the dollar on Tuesday, as the British pound was hovering near one-and-a-half month highs amid the diminishing likelihood of a no-deal Brexit and cautious hopes of the trade war breakthrough.

By 03:32 AM ET (07:32 GMT) the dollar ticked up 0.1% to 107.31 yen.

Moves in the market remained subdued before an integral European Central Bank meeting on Thursday, where policymakers are widely likely to deliver a package stimulus measures to offset the consequences of a continuing U.S.-Sino trade war and a worldwide economic slowdown.

The U.S. Federal Reserve can be widely likely to cut interest levels in a few days as policymakers race to shield the global economy from risks, which likewise incorporate Brexit.

Data overnight showing that Chinese factory-gate prices shrank at their fastest pace in 3 years underlined arguments to get more central bank stimulus.

Market hopes for a trade breakthrough rested on confidence overnight from U.S. Treasury Secretary Steven Mnuchin, who told Fox television that there have been "plenty of progress" on the U.S-China trade deal and that the U.S. side was "ready to negotiate".

Tapas Strickland, a director of economics at National Australia Bank, said trade remained subdued with few drivers beyond Mnuchin's comments and the chance of stimulus in Germany. However, the lack of any in immediately lousy news for markets has helped sentiment.

Sterling was holding just underneath a six-week peak at 1.2331 after Britain's parliament voted, needlessly to say, to hinder Prime Minister Boris Johnson's bid for an early on the election, which prompted him to vow he would secure a Brexit deal at an EU summit the following month.

"While I'm loath to visit anywhere close to the pound, I love what I see in the purchase price action," said Chris Weston, head of research at Melbourne forex brokerage Pepperstone Group.

"If GBP/USD kicks up through $1.2354 again, I'd be searching for longs, with an end through $1.2234."

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