Section
The latest forex coverage from the TrustFinance editorial desk.
The Japanese yen posted its largest one-day gain since December 2023 following a suspected government intervention, sending the dollar lower and boosting gold prices just hours before the Bank of Japan's policy announcement.
The onshore Chinese yuan surged past the key 6.75 per dollar level to its strongest point since February 2023, propelled by broad US dollar weakness after the Federal Reserve held rates and US inflation data came in softer than expected.
The U.S. dollar is poised for a monthly decline as softer inflation data clouds the Federal Reserve's rate hike path. Meanwhile, the Japanese yen reversed sharp gains from a suspected government intervention after the Bank of Japan held interest rates steady.
U.S. Treasury yields rose on Friday, capping a turbulent month where escalating Middle East conflict and ambiguous signals from the Federal Reserve pushed long-term borrowing costs to near 19-year peaks.
The British pound and euro edged lower against a steadying U.S. dollar, which found support after a week of heavy selling pressure driven by weak U.S. economic data and perceived dovish Federal Reserve signals.
U.S. Treasury Secretary Scott Besant publicly commended the Bank of Japan's dedication to financial stability, with his remarks coming a day after sources reported the central bank had intervened to support the yen.
India's foreign exchange reserves increased by $6.1 billion to reach a two-month peak of $682.3 billion for the week ending July 24, marking the fourth consecutive weekly gain.
The U.S. Treasury Department has entered foreign exchange markets to purchase yen, a rare coordinated action with Japanese authorities aimed at supporting the currency after it slumped to a nearly 40-year low.
The Japanese yen gained sharply against the U.S. dollar, extending its rally after market sources reported that Japanese authorities intervened to support the currency for the first time in three months.
