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USD Pushes above JPY160
The dollar is firm, and the market is challenging the JPY160 level, which it has traded above in Europe. Japanese officials say that they do not defend a specific level. The market is nervous though and some participants have professed intentions to sell dollars above there. The Australian dollar is the main exception to the greenback's strength today. A strong monthly inflation print boosts the chances of a rate hike. The Aussie, though, has not broken out of its $0.6600-$0.6700 range that has dominated since mid-May. Most emerging market currencies are weaker, including the Chinese yuan, which is at new lows for ... (full story)