Yen set for weekly fall as US recession worries fade

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TOKYO :The yen rose against the dollar on Friday but still looked on course for its biggest weekly decline since June after the latest batch of U.S.economic data eased fears of a recession and supported bets of gradual Federal Reserve interest rate cuts.The dollar was 0.

The dollar index, which measures the greenback against six other major currencies, had eased 0.3 per cent to 102.75 by 1135 GMT.

Some calm was restored after influential BOJ deputy governor Shinichi Uchida said the central bank would not hike rates when markets are volatile, and there are signs traders have been rebuilding short positions.

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Category: EconomyBusiness

Markets: SingaporeJapan

Topics: Week Rates Data Bank July Dollar Japanese Rate Weekly Cent Japan

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-16 @ 08:45:51 (18 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 711 words

Reading Time: 4 minutes read

Sentences: 26 lines

Sentence Length: 28 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 22103320

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Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

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Year Established: 1999

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