The dollar hit an 8-week low against the yen and a 1-month low against the pound amid declining investor concerns about inflationary risks related to Trump's trade policy. The Japanese yen strengthened due to expectations of an interest rate increase by the Bank of Japan. Representatives of the regulator supported a further increase in the cost of lending, and positive data on wage growth strengthened its position. The USD/JPY pair fell by 0.13% to 152.38, having previously reached its lowest level since December 12 at 151.82. The US currency lost 1.1% a day earlier. The British pound was trading at $1.2485, having previously reached its highest level since January 7 at $1.2550. The euro declined slightly, remaining below $1,0400, after three days of gains. The dollar index rose to 107.75 after yesterday's fall to the lowest since January 27 at 107.30. At the beginning of the week, it reached a three-week high of 109.88 amid expectations of trade tariffs. However, Mexico and Canada received a reprieve, while 10% tariffs were imposed on China. The easing of tariff threats has reduced pressure on the dollar. Meanwhile, the probability of two Fed rate cuts this year is decreasing, despite the continuing impact of US inflation policy.
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