US inflation data weakens the dollar
Inflation in the United States slowed to 7.1% in November, which was lowered than the 7.3% analysts had forecasted. This increases expectations that the US Federal Reserve will slow the pace of its interest rate hikes. Meanwhile, the USD/JPY currency pair fell by nearly 2% as the price approached the 200-day moving average. Nearly 80% of strategists surveyed by Reuters believe that the dollar's opportunities to rise in the near future are limited.
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