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US dollar dips from 8-week high vs yen as intervention fears intensify



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>FOREX-US dollar dips from 8-week high vs yen as intervention fears intensify</title></head><body>

Yen down 1.4% vs dollar in June, nearly 12% weaker this year

People skeptical about merits of intervention -analyst

Focus on inflation data release this week

Markets await Trump-Biden presidential debate this week

Adds comment, updates prices; adds bullets, graphic, FX table

By Alden Bentley and Gertrude Chavez-Dreyfuss

NEW YORK, June 24 (Reuters) -The U.S. dollar slipped from an eight-week high against the yen onMonday, with traders back on alert for government interventionto support the Japanese currencyafter it hit just shy of 160, a levelthat earlier triggered action from the Ministry of Finance to prop it up.

The greenback rose to 159.94 JPY=EBS earlier in the session, the highestsince April 29, when the yen touched a 34-year low of 160.245. That ledJapanese authorities to spendroughly 9.8 trillion yen to support the currency.

It briefly tumbled in European trading to 158.75 per dollar, and was last 0.1% weaker at 159.65. The dollar fell after seven straight days of gains.

"The Japanese track record suggests that they do not target a specific level," said Marc Chandler, chief market strategist, at Bannockburn Forex in New York.

"So why is the market testing the BOJ (Bank of Japan) again? One of the reasons is that there has been a camp that's very skeptical about the merits of intervention when interest rates are so wide."

U.S. 10-year yields were last at 4.251% US10YT=RR, while 10-year Japanese government bonds yields were at 0.99% JP10YT=RR.

Earlier, Japan's top currency diplomat Masato Kanda said authorities will take appropriate steps if there is excessive foreign exchange movement, and that the addition of Japan to the U.S. Treasury's monitoring list would not restrict their actions.

The yen has come under renewed pressure after the BOJ's decision this month to postpone reducing bond-buying stimulus until its July meeting. It has been down 1.4% against the dollar so far inJune, and nearly 12% weaker this year.

A summary of opinions at the BOJ's June policy meeting on Monday showed some policymakers called for raising interest rates in a timely fashion as they saw a risk of inflation overshooting expectations.


INFLATION TEST, US PRESIDENTIAL DEBATE LOOM

The spotlight this week will be on Friday's release of the U.S. personal consumption expenditures (PCE) price index, which the Federal Reserve relies on to gauge progress in getting inflation down to its 2% target.

A number showing price pressures easing is likely to bolster bets on a rate cut as early as September, which futures currently price as a 70% prospect.

The dollar index =USD, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.4% to 105.46, slidingfrom a nearly eight-week high of 105.91 it touched last week.

Another focus through the week will be politics. The first U.S. presidential debate between President Joe Biden and his predecessor Donald Trump is on Thursday after U.S. markets close.

"Certainly there's quite a bit of interest in whether or not the dollar is specifically mentioned," said Brian Daingerfield, FX strategist at Natwest Markets in Stamford, Connecticut. "We know former President Trump has at times criticized the value of the dollar as being too strong."

Meanwhile, in France, thefirst round of voting in the French election is on Sunday.

The euro EUR=EBS, which has been under pressure since French President Emmanuel Macron called a snap election earlier this month, was up 0.4% at $1.0737, but was still down about 1% against the dollar inJune so far.

France's far right National Rally (RN) party and its allies were seen leading the first round of the country's elections with 35.5% of the expected vote, an opinion poll published on Sunday showed.

RN lawmaker Jean-Philippe Tanguy, who is widely seen as the most likely candidate to head the finance ministry if the party wins and forms a government, told Reuters an RN government would stick to the European Union's fiscal rules.

Sterling <GBP=D3>firmed 0.4% to $1.2690. The Australian dollar <AUD=D3>gained 0.2% versus the greenback to US$0.6655, while the New Zealand dollar<NZD=D3> rose 0.2% toUS$0.6129.

Meanwhile, spot yuan CNY=CFXS was trading at 7.2598 per dollar, close to its lowest in seven months, weighed by broad strength in the dollar and worries about weakness in the world's second-largest economy. CNY/

In cryptocurrencies, bitcoin BTC= fell to its lowest since May 2nd of $59,619.21 andwas last down 6% at $60,319.00. Ether ETH= dropped 6.3% to $3,302.



Currency bid prices at 24 June​ 07:15 p.m. GMT

Description

RIC

Last

U.S. Close Previous Session

Pct Change

YTD Pct

High Bid

Low Bid

Dollar index

=USD

105.46

105.88

-0.38%

4.03%

105.9

105.37

Euro/Dollar

EUR=EBS

1.0735

1.0694

0.39%

-2.74%

$1.0746

$1.0684

Dollar/Yen

JPY=D3

159.65

159.825

-0.08%

13.22%

159.93

158.81

Euro/Yen

EURJPY=

1.0735​

170.86

0.3%

10.12%

171.44

170.4

Dollar/Swiss

CHF=EBS

0.8929

0.8941

-0.12%

6.11%

0.8949

0.8923

Sterling/Dollar

GBP=D3

1.2688

1.2643

0.37%

-0.28%

$1.2698

$1.0684​

Dollar/Canadian

CAD=D3

1.3653

1.3696

-0.31%

3%

1.3708

1.365

Aussie/Dollar

AUD=D3

0.6658

0.6641

0.29%

-2.32%

$0.6668

$0.6627

Euro/Swiss

EURCHF=

0.9583

0.9561

0.23%

3.2%

0.9595

0.955

Euro/Sterling

EURGBP=

0.8458

0.8451

0.08%

-2.42%

0.8477

0.8452

NZ Dollar/Dollar

NZD=D3

0.6128

0.6119

0.18%

-2.99%

$0.614

0.6105

Dollar/Norway

NOK=

10.5348​

10.555

-0.19%

3.94%

10.5923

10.5228

Euro/Norway

EURNOK=

11.3091

11.2711

0.34%

0.76%

11.3584

11.2885

Dollar/Sweden

SEK=

10.4754

10.4978

-0.21%

4.06%

10.5291

10.4383

Euro/Sweden

EURSEK=

11.2464

11.2325

0.12%

1.09%

11.2634

11.214


World FX rates https://tmsnrt.rs/2RBWI5E

Polls tighten between Biden and Trump https://reut.rs/3xs1UTS


Reporting by Alden Bentley and Gertrude Chavez-Dreyfuss; Additional reporting by Samuel Indyk in London and Ankur Banerjee in Singapore; Editing by Marguerita Choy and Sharon Singleton

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