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Rise in risk currencies pauses its advance, the yen recovers

By Elizabeth Howcroft

LONDON, Oct 21 (Reuters) – Currencies considered risky, linked to emerging markets and commodity exporters, fell on Thursday from highs reached the day before, as the yen rose against the dollar on what analysts called a take profit.

* The dollar index, which compares the greenback to a basket of six prominent currencies, traded flat on the day, at 93,669 units.

* Against the yen, the dollar was down 0.3% to 114 units, after falling from 114.695 yen on Wednesday, a four-year floor for the Japanese currency.

* The yen, which had been weakening against its peers since late September, also reversed its recent losses against the Australian dollar on Thursday. The oceanic currency hit a high against its Japanese pair since 2018 during the early morning, before retreating.

* There was no clear trigger for the reversal, but Jeremy Stretch, head of currency strategy at CIBC, said weakness in Asian stocks and a decline in risk appetite could have played a role.

* The pound sterling was down 0.1% to $ 1.3800, supported by expectations that the Bank of England would raise its interest rates soon.

* Meanwhile, the euro was down 0.1% at $ 1.16405, still near the three-week high that hit $ 1.1670 on Tuesday.

* Among cryptocurrencies, bitcoin fell about 0.6% to $ 65,609, a day after hitting a record high of $ 67,016.50.

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