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Dollar near one-week high as traders prepare for Powell, payrolls tests

Added 11-29-22 10:04:02pm EST - “The U.S. dollar stuck close to a one-week high on Wednesday, holding on to gains from a three-day rally, as investors braced for comments from Federal Reserve Chair Jerome Powell later and a crucial monthly jobs report at the end…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Dollar near one-week high as traders prepare for Powell, payrolls tests”. Below is an excerpt from the article.

TOKYO (Reuters) - The U.S. dollar stuck close to a one-week high on Wednesday, holding on to gains from a three-day rally, as investors braced for comments from Federal Reserve Chair Jerome Powell later and a crucial monthly jobs report at the end of the week.

The euro hovered near a one-week low after German and Spanish consumer price figures came in weaker than expected, triggering a lowering of rate hike bets for the European Central Bank and pointing a spotlight at euro zone inflation due later Wednesday.

China's offshore yuan traded near a one-week high as traders returned to wagering on a reopening from strangling COVID-19 curbs.

The Aussie dollar, which often functions as a proxy trade on China's economic outlook, was steady after shaking off downward pressure from lower than forecast local inflation data and worse-than-expected Chinese manufacturer surveys.

The U.S. dollar index, which measures the greenback against the euro and five other rivals, eased 0.13% to 106.72 after reaching 106.9 in early Asian trading for the first time since Nov. 23.

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