Dollar sinks vs yen, hovers near 2-1/2-year low to sterling after Fed's dovish shift
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The yen rose to a three-week high against the dollar on August 26, 2024, following Federal Reserve Chair Jerome Powell's dovish remarks, contrasting with Bank of Japan chief Kazuo Ueda's hawkish stance. The dollar fell 0.59% to 143.56 yen, marking its lowest since August 5, 2024. The dollar index was at 100.64, near a 13-month low of 100.60. Sterling was steady at US$1.3215 after reaching US$1.32295 on August 23, 2024. Powell's speech lacked caveats, exciting markets, while Ueda maintained a hawkish tone despite market turmoil from a July rate hike. Traders expect the Fed to begin rate cuts on September 18, 2024, with a 36.5% chance of a 50-basis point reduction.

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https://www.nst.com.my/business/economy/2024/08/1096700/dollar-sinks-vs-yen-hovers-near-2-12-year-low-sterling-after-feds