The safe-haven yen rebounded from early steep declines and the risk-sensitive Australian and New Zealand dollars flipped to losses as early optimism ebbed over efforts by global authorities to contain a banking crisis.
"The market's driving force is risk aversion," said Takahiro Sekido, chief Japan strategist at MUFG.
A Fed rate decision on Wednesday adds an additional layer of uncertainty. Traders are still of the view that a quarter point rise is likely but are now positioned for a peak in rates in May at around 4.8%, followed by a steady series of cuts into the end of the year.
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