The U.S. dollar fell sharply against the yen Thursday in New York, briefly dropping to the lower 157 yen range for the first time since mid-June, after data showing a lower-than-expected U.S. consumer price index fueled hopes for early rate cuts by the Federal Reserve.After plunging to 157.40 in the morning, however, the dollar soon rebounded to hover in the upper 158 yen range. It was quoted at 158.83-93 at 5 p.m. in New York, compared with 161.62-64 yen late Thursday in Tokyo.The CPI unexpectedly fell in June, with a 0.1 percent decline from May and an increase of 3.0 percent from a year …READ FULL ARTICLE
