Yen extends rally to new seven-month high; dollar subdued ahead of CPI

The Japanese yen achieved impressive seven-month highs against the U.S. dollar on Tuesday, driven by traders closing short positions in light of anticipated rate hikes from the Bank of Japan. As the dollar continues to linger in a subdued state before the crucial U.S. inflation data release this week, attention is drawn towards these economic indicators ahead of the FOMC meeting.

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