Dollar Tumbles as Yen Soars on Suspected Intervention

The US dollar index has dropped to a 6-week low, down by -0.91%, due to weaker-than-expected Q2 GDP growth and easing core PCE prices. The dollar's decline was also influenced by negative carryover from the FOMC's decision not to raise interest rates on Wednesday.

The Japanese yen surged today, with USD/JPY falling by -2.52% to a 2.5-month high against the dollar. This is attributed to suspected intervention by Japanese authorities to prop up the yen and signs of weakening US economic data.

Gold and silver prices have also risen, with COMEX gold increasing by +1.45% and COMEX silver gaining +0.58%. The precious metals market has been boosted by the dollar's decline and safe-haven demand following escalating tensions in the Middle East.