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Yen fluctuates while dollar stays strong
The value of the dollar rose to its highest level in 13 months against a basket of currencies, amid increasing demand for safe-haven assets caused by a decline in technology stocks and rising expectations that the Federal Reserve may raise interest rates in the coming months. This occurred alongside continued forecasts for rate hikes, which increased to 37% in July and 70% in September. Meanwhile, the Japanese yen fell to its lowest level since 1986, as ongoing pressure on the Japanese currency persists due to the interest rate gap between Japan and the United States.
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