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Barchart
Barchart
Rich Asplund

Dollar Slips as the Yen Climbs on Intervention Concerns

Bostic ’”Cook Japan US Federal Reserve Kanda Panetta Interest Rates Atlanta Fed ECB Governing Council

The dollar index (DXY00) this morning is down by -0.22%.  The dollar is under pressure today as the yen strengthened on concern that Japanese authorities could soon intervene in the forex market to support the yen after Japan’s top currency official said, “the current weakening of the yen is not in line with fundamentals and is clearly driven by speculation.” 

Also, today’s US Feb new home sales report was weaker than expected and was bearish for the dollar. Losses in the dollar were limited by hawkish comments from Atlanta Fed President Bostic and Fed Governor Cook, who warned about cutting interest rates too early. 

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