LONDON, Oct 16 - The dollar held near a one-week high on Monday with fragile sentiment against a backdrop of conflict in the Middle East supporting demand for the safe-haven currency.
"The conflict between Israel and Hamas continues and is providing volatility to the financial markets with the traditional safe-haven flows. This has to be held against the theme of higher-for-longer regarding global monetary policy," said Jens Peter Sørensen, chief analyst at Danske Bank. There was some respite for the euro and sterling, which were off one-week lows touched on Friday against the dollar. The euro was last 0.2% higher at $1.05231. Sterling gained 0.15% to $1.2163.
Meanwhile, New Zealand's centre-right National Party led by Christopher Luxon will form a new government with its preferred coalition party ACT after Saturday's general election.YEN WATCHING The yen was flat at 149.54 per dollar, close to the sensitive 150-level. Some traders see an increased potential for Japanese authorities to intervene to support the yen if it weakens past that level.
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