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US dollar struggles on rate cut expectations; yen on back foot
The U.S. dollar slipped against most major currencies on Wednesday as traders continued to sell the currency on bets that the U.S. Federal Reserve will soon begin cutting interest rates, ahead of inflation data later this week. The exception was the yen, against which the dollar held firm after the Bank of Japan was mum on an end to its ultra-loose monetary policy the previous day. Fed officials have been pushing back after last week's Federal Open Market Committee meeting saw three rate cuts penciled in for 2024, sparking a rally in financial markets. Market participants are currently pricing in a 67.5 per cent ... (full story)