USD-JPY fell for a third day and posted a fresh five-month low at 107.04. A combo of ramped-up expectations for Fed rate cuts, coupled with a rekindling risk-off vibe in global markets amid concerns about the escalation in U.S.-Iran tensions, pushed the pairing lower. While Wall Street closed higher yesterday amid the continued glow of expected Fed accommodation, sentiment has spoiled today in Asia, while S&P 500 futures posted moderate losses. This revived some safe-haven demand for the yen.
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