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Market Update: Dollar Index Hits 4-week High
The US Dollar Index held at 90.5 on Tuesday, trading near 5-week highs as traders await a much-anticipated US Federal Reserve meeting later this week amid expectations that the central bank will continue to remain ultra-accommodative until the economy has further recovered. Yields on the 10-year US Treasuries stood at 1.484%, with investors seemingly relaxed about their inflation concerns. In recent data, the University of Michigan’s consumer sentiment came above market expectations while jobless claims fell to a new pre-pandemic low. On top of that, markets shrugged last weeks high US inflation data, while median year-ahead inflation jumped for the 7th straight month to a new record high of 4% in May. [/s2If]
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