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Dollar continues to press higher as US stocks slide-USD/JPY approaches 152.75
The US stock markets opened heavily in the red this afternoon, but that was always going to be the case following the hotter than forecast US CPI data. Despite trying to rally a few times in early trading the downside is still very much in the ascendancy right now and the dollar is moving onwards and upwards as a result. US yields have stalled a little, but remain elevated overall and that is also supporting the US currency, especially versus the Yen. The BOJ is still in the background though and the risk of intervention has not exactly gone away. That said this move above 152 in the USD/JPY has those fundamental drivers behind it and that is something the BOJ will kist have to live with, or start spending money on FX intervention. The market is now pushing the USD/JPY closer to 152.75 this afternoon, as both the GBP/USD and EUR/USD wilt further
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