Fundamental OverviewThe Yen continues to struggle despite the dovish expectations around the Fed’s interest rates path. Yesterday, we got a big downside surprise in the US PPI report and although the USD weakened heavily against the other major currencies, the JPY failed to sustain the gains.One of the main reasons is that the positive risk sentiment favours the higher yielding currencies. The other reason is that the Japanese yields have been falling faster compared to the other major currencies as the recent volatility in the Japanese markets reduced the probabilities of further rate hikes.For the Fed, the market is split between a 25 and 50 bps cut in September and a total of 107 bps of e
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