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Dollar Index: Daily Analysis Update & Outlook

The dollar drew support on Wednesday from a survey showing U.S. business pulling out of a five month contraction, while the Australian dollar strengthened on the likelihood of interest rate hikes after a surprisingly strong inflation print. The dollar index, which measures the greenback against a basket of six peers, was steady at 106.17, rebounding from a one-month low of 105.35 struck during the previous session.

S&P Global on Tuesday said its flash U.S. Composite Purchasing Managers Index, tracking both the manufacturing and service sectors, rose to its highest level since July, potentially giving the U.S. Federal Reserve more room to keep interest rates high.

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