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US dollar set for pullback against the yen
The US dollar has retreated recently against the yen, down from a peak of above 144 at the start of the month to 140.6 at the time of writing. Even after this pullback, however, the US dollar has still gained close to 10% versus the yen since the start of the year. The dollar’s 2023 rally largely reflects the divergence between a hawkish Federal Reserve and a dovish Bank of Japan (BoJ). But we believe the latest bout of dollar weakness is a sign of things to come, and we see the USDJPY pairing falling to around 124 by next June. Japan’s finance ministry has shown a strong discomfort with USDJPY approaching the ... (full story)
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