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dollar advanced Thursday toward its strongest closing level in more than a year, with the move driven by investor digestion of Wednesday's Federal Reserve meeting, which revived the possibility of further interest-rate increases.
The pace of the advance has prompted a sharper question for currency markets: whether the rally has already priced in more than the underlying policy shift can support.
Fed's Wednesday Meeting Resets Rate Expectations The Federal Reserve's Wednesday session provided the catalyst.
The meeting revived the possibility of further interest-rate increases — a shift in the policy narrative that fed directly into dollar demand through Thursday's close.
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