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Market Update: US Dollar Index Extends to 9-Week Highs
The US Dollar Index traded at 9-week highs of 91.852 in early trade Friday, following a post-FOMC breakout which fueled a rally to fresh multi-month highs as the US Federal Reserve policymakers flagged two rate increases by the end of 2023, with Jerome Powell also noting that the discussion about scaling back bond purchases will likely start soon. Among local data, initial jobless claims rose to 412K, the first increase in 7 weeks, and compared to forecasts of 359K, a sign that the labor market still has a long way to recover from the coronavirus hit. Also, fresh central bank forecasts showed a spike in inflation this year, although price pressures are seen slowing in 2022. [/s2If]
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