Dollar hits seven-week low
The US dollar retreated to its lowest levels in seven weeks, amid growing hopes of reaching a peace agreement between Washington and Tehran. The dollar index fell by 0.2% to 99.68, marking its lowest point since June 16. At the same time, the yen experienced fluctuations but remained above its lowest levels in forty years, following a historic intervention by the United States and Japan to support the currency— the first of its kind since 1998—aimed at stabilizing Asian markets affected by slowing economic growth and rising inflation resulting from the oil price shock caused by the Middle East conflict.
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