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Dollar falls amid slowing US inflation
The US dollar declined against the Japanese yen due to expectations of Japanese authorities intervening to support the currency, which has been experiencing a continuous decline. This comes after inflation slowed in the United States and the Federal Reserve paused interest rate hikes. The rise in the yen is likely the result of an official intervention aimed at halting the currency's deterioration, as the Bank of Japan’s upcoming decision on interest rates is expected to keep them at 1%. Additionally, US inflation data showed a slowdown in growth to 3.7% in June, the lowest rate since April 2023, while US gross domestic product increased by 1.5% in the second quarter, below expectations of 2.1%. This reflects market anticipation of the direction of US monetary policy amid ongoing tensions surrounding inflation rates and economic growth.
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