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The dollar held near a 2 1/2-month high against the yen on Monday after Washington and Beijing announced progress toward a trade deal, while sterling hovered near a three-month peak on hopes for an orderly British exit from the European Union.
On Friday, the dollar strengthened against the safe-haven yen to as much as 108.63 yen , its highest level since August 1, before U.S. President Donald Trump said the United States and China had reached a 'Phase 1' trade deal.
It pared those gains after Trump announced the agreement, covering agriculture, currency and some aspects of intellectual property protections.
In early Asian trade on Monday, the dollar inched down to 108.36 yen against the yen, while the euro stood at $1.1025 () versus the greenback, off Friday's three-week high of $1.10625.
Tokyo's market is closed for a public holiday on Monday, so trading volumes are likely to lighter than usual.
The trade deal "looks more symbolic than substantial, and might be better described as simply an 'interim trade war truce,'" said Ray Attrill, head of FX strategy at National Australia Bank.
"This Phase 1 agreement, if inked, does little to immediately brighten the outlook for global trade and growth. While it shouldn't prevent the Fed from agreeing to cut rates by another quarter point on Oct. 30, it doesn't provide a firm pretext for significant or sustained U.S. dollar depreciation."
The deal represents the biggest step between the United States and China in a 15-month trade dispute. Friday's announcement did not include many details and Trump said it could take up to five weeks to get a pact written. He acknowledged the agreement could fall apart during that period, though he expressed confidence that it would not.
STERLING
The British pound surged on Friday to as high as $1.2708 , its strongest level since July 1, and a five-month peak of 86.955 pence per euro (), on optimism about orderly Brexit.
The pound was last down 0.38% at $1.2600 in Asia.
The EU agreed on Friday to hold another round of intense negotiations with London in a bid to break the deadlock and secure a deal before the Oct. 31 deadline.
EU negotiator Michel Barnier and his British counterpart Stephen Barclay earlier held what both sides called a "constructive" meeting in Brussels. The British and Irish prime ministers said on Thursday they had found "a pathway" to a possible deal, and by Friday some officials were expressing guarded optimism.
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