Photo: A customer counts 100 dollar banknotes and 50 euro banknotes inside a foreign currency exchange bureau in Istanbul, Turkey, on May 14, 2020. Photographer: Kerem Uzel/Bloomberg A customer counts banknotes inside a foreign currency exchange bureau in Istanbul, Turkey, on May 14, 2020. Photographer: Kerem Uzel/Bloomberg

The U.S. dollar gained against nearly all its major peers as trading kicked off in 2023 after a seasonal holiday lull.

The Japanese yen was the only Group of 10 (G-10) currency to strengthen against the greenback, with the Norwegian krone, euro, and Swiss franc all falling sharply. That pushed the Bloomberg Dollar Spot Index up as much as 0.9 percent, putting it on track for its best day since mid-December.

Traders said the moves were exacerbated by thin liquidity. But it was also a reminder that the dollar’s decline in recent months—which is broadly expected to keep going this year—will not be a one-way move.

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