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Canadian Imperial Bank of Commerce

Dollar Up Vs. Yen, Gives Up Euro Gains

The U.S. dollar edged higher against the yen Monday as traders appeared to shrug off further signs of slowing Chinese growth and tensions over Russia's annexation of the Crimea region.The G-7 industrialized nations' leaders on Monday decided to skip the scheduled G-8 meeting in Sochi because of Russia's annexation of Crimea, which was viewed by the U.S. and several Western countries as illegal. U.S. President Barack Obama arrived in Europe Monday for a weeklong trip in which he will attempt to strengthen international support for measures to isolate Russia by pushing for tougher sanctions.In China, the preliminary HSBC Purchasing Managers' Index indicated manufacturing activity fell to an eight-month low and that output fell for a third straight month.The dollar fetched 102.24 yen (USDJPY), up from Yen102.15 in North American trade late Friday.Data from Europe were also a disappointment. A preliminary March purchasing managers index for the euro zone slipped from a 32-month high in Feb...

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