Dollar down as US rate cut bets rise, yen surges

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The story "Dollar down as US rate cut bets rise, yen surges" was covered 10 hours ago by Channel News Asia, a news publisher based in Singapore.

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Dollar down as US rate cut bets rise, yen surges - Channel News Asia

Quick Summary:

NEW YORK :The U.S.dollar sank to a near 7-month low against a basket of peers on Monday, and sold off sharply against the euro and the Japanese yen, as a slew of economic data last week raised the prospect of a U.S.economic downturn and bigger rate cuts from the Federal Reserve.

The dollar found some relief against the British pound as the marked deterioration in global investor risk sentiment sapped demand for riskier currencies.

"The Japanese equity selloff during Asian trading spooked markets in a big way, coupled with the Yen's resurgence, and we may be seeing the so-called 'panic spiral' that many have been concerned about," Monex's Given said.