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US Dollar dips as inflation data aligns with predictions
The US dollar decreased slightly following confirmation of economists' predictions on January's inflation data.
The euro slightly rose, the yen saw daily growth of about 0.6%, and the Australian dollar improved due to the Reserve Bank of Australia’s positive economic outlook. Economists believe the drop in the US dollar results from Japan’s central bank policies that aim to revive the stagnated economy by maintaining near-zero interest rates. The Oversea-Chinese Banking Corporation Limited (OCBC) currency strategist, Christopher Wong, suggested that unwinding yen shorts might drive bears to retreat, leading to a more bullish market sentiment.
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