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Market Update: Dollar Hits Six-Week High
The dollar appreciated to as high as 91.10 against a basket of currencies on Wednesday, a level not seen since May 5th, after the Fed sharply raised its forecasts for inflation this year and brought forward the time frame on when it will hike interest rates. This change in outlook came to benefit bullish investors who expect that Jay Powell and his rate-setting colleagues will need to think about scaling back quantitative easing to prevent the US economy from overheating. On the economic data front, US retail sales fell 1.3% in May, compared to market expectations of a 0.8% drop, and producer prices climbed more than expected. Also, figures released last week showed the US consumer price inflation hit its highest level since 2008. [/s2If]
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