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NEW YORK, Aug 5 - A surge in the yen to a seven-month high led a broad dollar fall, as a slew of economic data last week raised the prospect of a U.S. economic downturn and bigger interest rate cuts from the Federal Reserve.
Weaker-than-expected U.S. jobs data, along with disappointing earnings reports from large technology firms and heightened concerns over the Chinese economy, have sparked a global sell-off in stocks, oil and high-yielding currencies in the past week as investors sought the safety of cash. Treasury yields have been falling sharply since last week, when the Fed kept the policy rate in its current 5.25% to 5.50% range while Fed Chair Jerome Powell opened the possibility of a rate cut in September."Friday's report was a bit of a shock to the global system, and markets are very worried that the U.S. may no longer be a viable driver of global growth," said Helen Given, FX trader at Monex USA in Washington.
On Monday, Fed fund futures reflected traders pricing a near 100% chance of a 50 basis point cut at the central bank's September meeting, according to CME FedWatch. The dollar found some relief against the British pound as the marked deterioration in global investor risk sentiment sapped demand for riskier currencies.
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