The yen was firm on Tuesday but remained vulnerable to more weakness, as markets were on alert for signs of intervention, while the Australian dollar dropped after the country's central bank chose to stand pat on interest rates.
A banknote of Japanese yen is seen in this illustration picture taken June 15, 2022. REUTERS/Florence Lo/Illustration/File Photo
Across the currency markets, investors remained on watch for possible intervention by Japanese authorities to stem yen losses. "A coordinated intervention usually has a longer lasting impact on the yen than a unilateral intervention would have." "The RBA’s steady hand is probably only a flesh wound for the Aussie, having been about 60% priced in and with no great rhetorical shifts in the statement," said Sean Callow, a senior currency strategist at Westpac.
slumped further in June, reaching levels last seen when the nation was reeling from the initial wave of the COVID-19 pandemic.
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