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Market Update: US Dollar Index Stays Near 3-Month High
The US dollar index held at 92.738, not far from last week’s three-month high of 92.832, as traders continued to look for safety amid rising COVID-19 cases. Daily infections have been surging from the US, Europe, and Asia while the global seven-day average of new cases each day is over half a million for the first time since May, according to Reuters. At the same time, upbeat US economic data, including an unexpected rise in retail sales in June, lent further optimism to the dollar bulls. Fed Chair Jerome Powell told lawmakers that the recent inflationary pressure would be temporary, saying that inflation will likely remain elevated in the coming months, temporarily boosted by base effects before moderating. Powell also added that there is still a long way to go before the labour market fully recovers from the pandemic hit. [/s2If]
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