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Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company’s headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger//File Photo

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LONDON, Aug 16 (Reuters) – The pound was on track for its biggest one-day gain in almost two weeks on Wednesday after data showed British core inflation stayed strong in July, while the yuan slipped to a nine-month trough as concerns mounted about a deepening growth slowdown.

The yen floundered inside a key intervention zone that kept traders on guard, while the New Zealand dollar was supported after the central bank slightly pushed out when it expects to start cutting borrowing costs.

The pound surged around 0.6% at $1.2830, marking its largest one-day jump in two weeks. This remarkable gain was driven by the latest data which revealed that core inflation in Britain remained at 6.9% in July, unchanged from the previous month and higher than expected. The robust inflation rate reinforces the belief that the Bank of England may need to raise interest rates even further, despite the potential negative impact on economic growth.

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Moving on to China, concerns over the country’s economic slowdown have caused the yuan to plummet to its lowest level since November. This comes as a response to disappointing Chinese economic data and unexpected cuts to key policy rates by Beijing. The Australian dollar, often used as a proxy for the yuan, has also experienced a significant decline.

To combat the negative sentiment surrounding the Chinese economy, Beijing needs to take further steps to provide both monetary and fiscal support. However, until tangible evidence of these measures materializes, market participants will remain skeptical, leading to continued downward pressure on currencies like the Australian dollar.

Meanwhile, the New Zealand dollar, which started the day at a nine-month low, rebounded after the Reserve Bank of New Zealand’s policy meeting. The central bank decided to keep its cash rate unchanged, but extended the timeline for expected cuts to borrowing costs to 2025. This more hawkish stance caught the market by surprise, defying expectations of dovishness.

In the global market, the U.S. dollar index declined slightly, standing at 103.02, not far from the one-month peak it reached on Monday. The euro, on the other hand, experienced a modest gain against the dollar.

Concerns related to the yen also persist, as it remains at the crucial level of 145 per dollar. This level has historically triggered significant intervention by Japanese authorities. The threat of intervention has caused hesitation among market participants to push the dollar-yen exchange rate higher.

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Overall, the AI legalese decoder revolutionizes the way legal documents are interpreted and understood. By leveraging advanced artificial intelligence technology, it provides individuals and businesses with a powerful tool to navigate the complexities of legal language, saving time, money, and eliminating potential risks associated with misinterpretation.

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