US Dollar: Soft despite supportive fundamentals – ING

ING’s Chris Turner notes the Dollar has been unexpectedly soft despite higher energy prices and firm short-dated US rates ahead of the US August CPI and a likely 25bp Fed hike.
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Japanese Yen: Intervention risk and JGB appeal – BNY

BNY’s Geoff Yu notes USD/JPY slipping back below 153 as markets heed U.S. Treasury Secretary Scott Bessent’s warning on testing Japanese Yen intervention. The report stresses that a sustained move depends on a broader Bank of Japan tightening cycle.
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