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TOKYO/LONDON, Sept 5 - Jitters about global growth caused the dollar to rise on Tuesday, sending the euro to its lowest in nearly three months and the Aussie down over 1%, not helped by underwhelming data in China and the Reserve Bank of Australia keeping rates steady. The euro was down 0.45% at 1.0747, while sterling fell 0.6% to $1.2555, with both their lowest levels since mid June after poor activity data in China and Europe drove a risk off tone across asset classes.
U.S. treasuries fell on resuming trading after a holiday with the U.S. 10 year yield up 4.5 basis points at 4.2163%. "The RBA's policy stance overall remains a weight on the Aussie, especially against the U.S. dollar, where the Fed funds rate seems highly likely to remain 125+ basis points above the RBA cash rate deep into 2024," said Westpac analyst Sean Callow.
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