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Dollar falls as yields and oil drop
The US dollar decreased today, Wednesday, due to declining Treasury bond yields and falling oil prices, which reduced its appeal as a reserve currency. Meanwhile, the Australian dollar remained near its highest level in three weeks, following remarks by the Deputy Governor of the Reserve Bank of Australia indicating a deterioration in inflation expectations, making a rate hike more likely in the future. Investors also turned to the dollar as a safe haven amid market volatility caused by the Middle East war and increased artificial intelligence activities. Oil prices slightly declined after reaching their highest levels in five months, amid assessments of the implications of regional meetings and reports of attacks on areas in the Gulf. Wall Street had a strong session beginning the tech earnings season, while the Nikkei and KOSPI indices recorded gains.
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