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US Dollar Weakens Amid Sovereign Credit Concerns, Asian Markets Rally
US Dollar Weakens Amid Sovereign Credit Concerns, Asian Markets Rally
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The US dollar extended losses against major currencies following Moody’s downgrade of the US sovereign credit outlook, with the yen strengthening to 144.51 amid heightened volatility. Market participants await the outcome of pivotal US tax legislation, which could further disrupt forex markets.
Australia’s currency faced abrupt pressure after an unexpected RBA rate cut, contrasting with surging Asian equities. Finance leaders from Japan and the US reaffirmed commitments to stabilize exchange rates, though traders remain wary of spillover effects into digital asset markets.
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