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FOREX-Dollar holds near multi-week tops on higher-for-longer U.S. rates

The dollar held shy of multi-week peaks against other major currencies on Thursday, a day after minutes from the Federal Reserve’s last policy meeting supported, but did not add to markets’ view the central bank will raise rates further. The index climbed 0.36% on Wednesday as minutes from the Jan. 31-Feb. 1 Federal Open Market Committee (FOMC) meeting showed nearly all Fed policymakers favoured a scale down in the pace of interest rate hikes, but they also indicated curbing unacceptably high inflation would be the “key factor” in how much further rates need to rise. The impact of the minutes was slightly lessened as the meeting preceeded a series of indicators released in February, most notably jobs data, that showed the U.S. economy is performing well, leaving the Fed greater scope to raise rates to bring down inflation.

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