U.S. Dollar Falls to 7-Week Low of 99.68 on Wednesday; USD/JPY Hits 157.69 After U.S.-Japan Joint Intervention

On Wednesday (Aug 5), the U.S. Dollar Index fell to a seven-week low of 99.68, with USD/JPY hovering near 157.69 after the U.S. and Japan jointly intervened in the forex market earlier this week. U.S. Treasury Secretary Scott Bessent confirmed the joint action, marking the first coordinated intervention between the two countries since 2011 and the first direct U.S. support for the yen since 1998.

Data showed weakness in the labor market, with ADP reporting that U.S. private payrolls increased 44,000 in July, below expectations of 68,000 and down from 95,000 in June. The figure precedes Friday's official non-farm payroll report.