Dollar buying extends across the board as the sell-off in commodities extends in Monday European trade with gold slumping to three-and-a-half-week lows at $642.45 per ounce.

GBP
The sterling was relatively quiet over the weekend with rates remaining more or less unchanged at just under the 1.59 mark.

USD
The dollar climbed to a two-week high against the yen on anticipation a US government report will show faster economic growth and prompt the Federal Reserve to keep raising borrowing costs. The US currency is rebounding from a nine-month low reached last week on speculation the Fed will lift its benchmark interest rate again as soon as next month. The dollar posted its first five-day advance against both currencies in more than a month last week after a government report showed consumer prices rose more than forecast in April.

EUR
The euro pared an earlier decline against the dollar after European Central Bank policy maker Klaus Liebscher told reporters in Vienna that inflation risks aren't weakening, indicating the Frankfurt-based central bank will lift its key rate further.

JPY
Despite the yen's decline to two-week lows vs the dollar, the yen's losses are viewed as attractive buying opportunities for exporters who cite 112.30-40 as appropriate dollar/selling target.

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