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The dollar tumbled to a three-month low versus the yen on Thursday as traders keyed on comments by Federal Reserve Chair Jerome Powell that interest rate hikes could be scaled back “as soon as December.”

The dollar index - which measures the currency against six major peers including the yen and euro - extended Wednesday's more than 1% drop into Thursday, dipping as low as 105.69.The dollar index - which measures the currency against six major peers including the yen and euro - extended Wednesday's more than 1% drop into Thursday, dipping as low as 105.69.

The greenback was 0.48% lower at 137.39 yen in the Asian morning, after earlier dipping to 137.27 for the first time since August 26, with yields on 10-year Treasury notes standing at 3.62% in Tokyo. Markets are currently pricing 91% odds that the Fed slows to a 50 basis point rate increase on December 14, and just 9% probability of another 75 basis point bump.

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