Dollar firms as US-Iran peace deal hangs in balance; yen nears 40-year low

The dollar remains strong against most currencies, nearing a 40-year low against the yen, as a potential US-Iran peace deal hangs in the balance. Federal Reserve projections hinting at a year-end rate hike are boosting the dollar, with traders watching closely for any intervention by Japanese authorities to support their currency. Despite a recent Bank of Japan rate hike, Japanese interest rates remain significantly lower than global counterparts.

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