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Daily Currency Market Update:



HIGHLIGHTS:

The dollar fell to fresh three-week lows against the yen on Thursday and was stuck near six month lows against a currency basket as concerns over the future of Donald Trump’s presidency mounted. On Wednesday the Justice Department appointed a former FBI director as special counsel to investigate alleged Russian interference in November’s presidential election, as well as possible collusion by President Donald Trump’s campaign team. The appointment of a special counsel comes after Trump fired James Comey, his FBI director who was leading a probe into Russia’s role in the election and reports that he attempted to interfere with the judicial process, leading to talk of possible impeachment. The dollar has been hard hit by fears that the U.S. political system could become engulfed by crisis, preventing lawmakers from pushing through tax or spending reforms. The dollar fell to fresh three-week lows against the safe haven yen, with USD/JPY down 0.35% to 110.43 having ended the previous session down 2.03%, the largest one day decline since July 29, 2016. The yen showed little reaction to data showing that Japan’s economy grew by 2.2% year-over-year in the first quarter, ahead of economists’ expectations for growth of 1.7%.

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