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Dollar Index: Daily analysis awaiting the Fed’s decision

Daily Market Report

The dollar index held recent gains to trade around 106.7 on Wednesday, moving closer to its highest levels in 11 months as investors geared up for the Federal Reserve’s monetary policy decision. The central bank is widely expected to hold interest rates steady on Wednesday, but is seen keeping borrowing costs elevated for some time as the US economy remains resilient. The US also performed better than other major economies in recent months, providing a boost to the dollar and Treasury yields. Fresh data showed employment costs in the US rose more than expected in the third quarter due to rising wages, continuing to point to a tight labor market.

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