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After the symposium in Jackson Hole, the US dollar took another hit amid tense geopolitical situation.
The US dollar index fell to 91.60. It is the lowest value of the index since December 2014. Analysts note that the US currency will continue to sink today as traders mitigate risks and opt for safe haven currencies. The reason for the risk-free sentiment is another missile attack from North Korea this morning. The ballistic missile flew over northern Japan and landed in the Pacific Ocean.
The US dollar/yen pair fell to 108.40 by the end of the Asian session. According to technical indicators, the pair will keep the bearish trend and try to break below the key level of 108.00.
North Korean leader Kim Jong-un threatened to launch a missile attack on the Guam Island in the Pacific Ocean, where the US naval base is located. US President Donald Trump warned that he would immediately answer to these actions. However, despite all threats, the US and South Korea conducted joint military exercises on the Korean peninsula. After today's launch of the North Korean missile, there has been any response from the US yet, which brings uncertainty to the market.
Meanwhile, today market participants expect the release of an important macroeconomic indicator on the US consumer confidence. However, experts note that, whatever the result, the US dollar is unlikely to recoup losses caused by political instability.
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