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Dollar hits 7-week high after rate hike
The dollar rose to its highest level in seven weeks after the Federal Reserve's decision to raise interest rates and its indication of future increases, which boosted U.S. Treasury bond yields. This comes amid expectations of continued monetary tightening by the U.S. central bank, with markets focusing on the Bank of Japan's decision on Friday, which may raise interest rates to their highest level in 31 years to combat inflation pressures. These decisions caused the euro to decline to its lowest point in seven weeks and the British pound to approach its lowest level in two weeks.
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