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EURUSD: Intraday Analysis & Forecast update

The U.S. dollar traded in a tight range on Thursday, as market players tried to gauge when the Federal Reserve will likely begin cutting interest rates as Fed officials weighed in on Tuesday’s inflation data.

While under renewed pressure this week, the yen kept off the three-month low hit against the greenback on Tuesday despite data showing Japan’s economy slipped into a recession as it unexpectedly shrank for two straight quarters on weak domestic demand.

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