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The dollar touched a three-week low against the yen after China raised interest rates for the second time in just more than two months to contain inflation, boosting demand for refuge. The Australian and New Zealand dollars weakened against most of their major counterparts as China’s rate increase damped the outlook for spending in one of the biggest export markets for commodities from the two South Pacific countries. The euro gained against 14 or its 16 most-traded counterparts after failing to break through a technical level. “A lot of the countries that are associated with China are down slightly on the concern that China is going to continue to hike interest rates,” said Andrew Busch, a global currency strategist at Bank of Montreal in Chicago. “There’s a mild risk-off move and people are buying yen.” The Reuters/Jefferies CRB Index of raw materials dropped 0.3 percent and the Standard & Poor’s 500 Index fell 0.2 percent.
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