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The dollar index rose above 97.5 on Wednesday, extending its rebound from the near four-year low of 96 reached in late February, as global markets softened their aversion to the greenback and scaled back expectations for the size of Federal Reserve rate cuts this year. Minutes from the Fed’s most recent meeting showed that many policymakers expect the disinflation process to take longer than previously thought, and a few even suggested that additional rate hikes could be required to prevent inflation from settling above the 2% target. The delayed January CPI report showed an annual increase of 2.4%, below forecasts but still clearly above target. At the same time, the earlier flight from dollar-denominated assets eased from its late-January peak amid signs of improving US–EU relations and the nomination of Kevin Warsh—viewed as a balance-sheet hawk—for the Fed chairmanship. The DXY also found support from weaker sterling, yen, and Canadian dollar.
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