The US dollar continued to decline on Monday due to the joint intervention of the US and Japan in the foreign exchange market, which supported the yen, and the sell-off of the US dollar triggered by the Federal Reserve's interest rate meeting last week. The Bloomberg US Dollar Spot Index once fell to a one-month low during the intraday period, falling 0.5% against the G-10 currency. However, as of 11:20 a.m. London time, the index had recovered most of its decline and the decline narrowed to 0.1%. Meanwhile, after the US and Japan joined forces to interfere in the foreign exchange market, the yen rebounded from a 40-year low. US Treasury Secretary Scott Bessent said the US would not hesitate to step in the market again if necessary, confirming that Japan has a strong partner in curbing the excessive depreciation of the yen. The dollar fell 0.3% against the yen. However, the origin of this round of decline in the US dollar can be traced back to last week. At the time, the Federal Reserve decided to keep interest rates unchanged, and the market questioned the new chairman Kevin Walsh's determination to curb inflation. The US dollar index fell 1.3% cumulatively last week. ING forex strategist Francesco Pesole said, “It all started with that Federal Reserve meeting. At the time, the market generally went long on the dollar. If you look at position indicators, you can see that short-term investors were almost fully betting on the rise of the US dollar at the time.”

The US dollar continued to decline on Monday due to the joint intervention of the US and Japan in the foreign exchange market, which supported the yen, and the sell-off of the US dollar triggered by the Federal Reserve's interest rate meeting last week. The Bloomberg US Dollar Spot Index once fell to a one-month low during the intraday period, falling 0.5% against the G-10 currency. However, as of 11:20 a.m. London time, the index had recovered most of its decline and the decline narrowed to 0.1%. Meanwhile, after the US and Japan joined forces to interfere in the foreign exchange market, the yen rebounded from a 40-year low. US Treasury Secretary Scott Bessent said the US would not hesitate to step in the market again if necessary, confirming that Japan has a strong partner in curbing the excessive depreciation of the yen. The dollar fell 0.3% against the yen. However, the origin of this round of decline in the US dollar can be traced back to last week. At the time, the Federal Reserve decided to keep interest rates unchanged, and the market questioned the new chairman Kevin Walsh's determination to curb inflation. The US dollar index fell 1.3% cumulatively last week. ING forex strategist Francesco Pesole said, “It all started with that Federal Reserve meeting. At the time, the market generally went long on the dollar. If you look at position indicators, you can see that short-term investors were almost fully betting on the rise of the US dollar at the time.”