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The dollar was steady Monday as weak US jobs data raised the odds of Fed rate cuts. The yen dropped after suspected intervention last week.
The dollar fell against most currencies and was set for its worst week in nearly two months, partly due to a sharp rise in the yen this week.
USD/JPY Slides on Thursday, reversing gains from intervention. The dollar had been weak after the Fed's dovish meeting.
The dollar rose slightly on Tuesday ahead of the Fed meeting. CME Group's FedWatch tool showed a 44% chance of a rate cut in September.
USD/JPY Surged on Monday, Possibly Due to Japanese Intervention. Top Diplomat Masato Kanda Didn't Confirm or Deny Involvement.
The yen hit a 30-year low against the dollar after the BOJ kept rates steady. The dollar stayed stable despite weak US growth last quarter.
The US dollar dipped on Thursday as European currencies strengthened. US business activity slowed in April, signaling a global economic shift.
The dollar remained steady at its lowest level since April 12. Positive business activity in Europe in April impacted the greenback negatively.
The euro rose on Tuesday but faced its biggest monthly drop since January. Eurozone business surged in April with strong service sector growth.
The yen stayed steady in Asian trading on Monday, while the US dollar held near five-month highs after last week's policy and geopolitical changes.
Markets experienced a wave of risk aversion on Friday as reports emerged of Israel attacking Iran, prompting investors to seek safe-haven currencies.
On Thursday, the dollar weakened while pressures on other currencies persisted. Strong data dampened expectations of Fed rate cuts in June.
Fed Chair Powell's comments on Wednesday drove a modest dollar gain, citing limited progress on inflation goals. Traders predict a 40-bps cut by 2024.
The dollar hit a 5-month high on Tuesday as US retail sales surged 0.7% in March, beating economists' 0.4% forecast.
Monday saw the dollar stabilize, marking its largest weekly surge since 2022, buoyed by rising Middle East tensions and looming high interest rates.