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Forex

Yen Soars to New Seven-Month High Amid Rate Hike Bets

Guavy AI Editorial Team
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The Japanese yen has continued its upward trend, reaching new seven-month highs against the US dollar on Tuesday. The strengthening of the yen is attributed to traders unwinding short positions and growing bets of a Bank of Japan interest-rate hike.

The yen reached as high as 153.53 per dollar in morning trading, surpassing levels seen during Japan's July intervention and hitting its strongest since February.

The US dollar was subdued ahead of the upcoming CPI data release this week, which may have contributed to the muted performance of the greenback.

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