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Dollar gains as yen falls below 160
The US dollar rose supported by expectations of interest rate hikes, while the euro and the British pound declined amid increasing fears of inflationary pressures and forecasts that the Federal Reserve may raise interest rates at its upcoming meeting. Meanwhile, the Japanese yen fell below 160 per dollar, as expectations continue that the Bank of Japan will raise interest rates, amid prospects of direct intervention to support the Japanese currency. Financial authorities aim to maintain market stability through organized currency interventions, while markets focus on upcoming economic data to determine the direction of monetary policy.
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