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Market Update: Dollar Set for Best Week Since 2020
The dollar index broke above the 92.30 area on Friday, a level not seen in over two months, and on track for its best week since March 2020. Such market moves marks a dramatic reversal from an over four-month low of 89.30 touched in late May and following a surprisingly hawkish tone from the Fed. The US central bank has sharply raised its forecasts for inflation this year and flagged two rate increases by the end of 2023. The scale of the 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 top of that, comments from James Bullard, president of the St Louis Fed, about the prospects of an even earlier interest rate increase have supercharged existing upward momentum for the greenback. [/s2If]
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