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EBC Daily Snapshot Jul 12, 2024

EBC Forex Snapshot 12 Jul 2024 The yen was soft after a volatile start on Friday as earlier sharp surge stoked speculation that Tokyo had intervened to lift the currency away from 38-year lows. Tokyo's top currency diplomat, Masato Kanda, said on authorities will take action as needed in the foreign exchange market but declined to comment on whether authorities had intervened. The dollar as a result has been on the defensive after data showed US consumer prices fell for the first time in four years in June. Traders are now pricing in 93% chance of the Fed cutting rates in September. EBC Financial Market Forecast Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Economic Research Findings or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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Publication date:

2024-07-12 09:46:06 (GMT)

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