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Dollar Index: Weekly Analysis & Key Support

The dollar index hit a fresh one-month high on Wednesday after U.S. retail sales data indicated the economy remained on solid footing, denting the market outlook for any potential rate cuts from the Federal Reserve. Retail sales rose 0.6% last month after an unrevised 0.3% gain in November, the Commerce Department’s Census Bureau said. Economists polled by Reuters had forecast retail sales gaining 0.4%.

While markets still see the Fed’s first downward move in rates likely to come in March, expectations for a cut of at least 25 basis points (bps) are down to 57.1%, according to CME’s FedWatch Tool, from 65.1% on Tuesday.

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