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Market Update: US Dollar Index Extends 8-Week Highs
The US Dollar Index traded at 8-week highs of 91.445 in early Asian trade Thursday, 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. Local 10-year bond yields lifted to 1.586%. 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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