Dollar flirts with key 160 yen level as intervention risk looms
SINGAPORE - The battered yen languished near the 160 per dollar level on Tuesday and kept traders on high alert for any intervention from Japanese authorities to prop up the currency, while the greenback edged a touch higher in the broader market.was nursing losses after clocking its worst day in over two months at the start of the week, in part due to flows out of bitcoin exchange-traded funds , analysts said.
"The market is showing...that they are nervous, and they are very much on edge about this situation," said Chris Weston, head of research at Pepperstone. The latest decline in the yen has come on the back of the Bank of Japan's June policy meeting, where policymakers disappointed investors who were betting on an immediate reduction of the BOJ's massive bond purchases.
Politics were also at the forefront of investors' minds, with the first U.S. presidential debate between President Joe Biden and his predecessor Donald Trump set for Thursday and French elections due to kick off this weekend. "We've seen drawdown, we've seen six days in a row of funds coming out of the bitcoin cash ETFs," said Pepperstone's Weston.
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