The safe-haven currencies such as the U.S. dollar and the Japanese yen strengthened against their major currencies in the Asian session on Monday amid risk aversion among traders, as stronger than expected U.S. employment data weighed heavily on the outlook for interest rates. It raised concerns that the U.S. Fed will likely hold interest rates at current levels or slow down the pace of reductions. Rising bond yields also hurt the safe havens.
The combination of rate fears and geopolitical tensions reduces investors' desire for riskier assets.
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