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The dollar extends its gains and reaches its highest level in 5 months

The dollar extends its gains and reaches its highest level in 5 months

WASHINGTON (dpa-AFX) – The US dollar climbed on Tuesday, extending its dominance over its major counterparts, amid bets that rate cuts will not be aggressive next year as prices could rise under the administration of Donald Trump due to the proposed increase in tariffs.

Investors are awaiting key U.S. inflation numbers, retail sales and industrial production reports, and comments from FOMC members for additional clues on the Fed’s rate path.

The dollar index, which hit a near five-month high of 106.18, was recently at 105.92, gaining about 0.35%.

Against the euro, the dollar firmed to 1.0627 from 1.0656, and strengthened to 1.2749 against the pound sterling from 1.2868.

The dollar appreciated against the Japanese currency, reaching 154.65 yen per unit, up from Monday’s closing value of 154.65 yen. Against the Aussie, the dollar strengthened to 0.6534 from 0.6574.

The dollar appreciated slightly against the Swiss franc to CHF 0.8820. Against the loonie, the dollar rose to CA$1.3945 from CA$1.3925.

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