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Dollar Dives, Yen Soars, A Week of Divergent Fortunes

Dollar and Yen had contrasting fortune last week, responding to divergent central bank expectations. Dollar found itself as the week's worst performer, a reflection of solidified expectations for Fed's first rate cut in June, reinforced by Fed Chair Jerome Powell's semiannual testimony. The cooling job US market is seen as unlikely to stand in the way. On the flip side, Yen staged a powerful rally, driven by a growing consensus around BoJ's rate increase this month, making Yen the best performer.

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