Currency moves overnight were calmer for once even as Federal Reserve Chair Jerome Powell reaffirmed the central bank’s aggressive stance against inflation, which reinforced the greenback’s dominance.
The single currency is on track for a 0.9% weekly gain, snapping three straight weeks of decline, but has nonetheless fallen more than 10% this year.The pound fell overnight after news that Queen Elizabeth, Britain’s longest-reigning monarch and the nation’s figurehead for seven decades, died peacefully on Thursday at the age of 96.
Japan’s top currency diplomat said on Thursday that the country is ready to take action in the market and will not rule out any options to address “clearly excessive volatility” seen in the yen.
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