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20.10.201622:46:00UTC+00Dollar Strengthens with Traders Focus on Bank Action

The dollar strengthened while investors have been more optimistic regarding the possibility of a U.S. interest rate hike. The WSJ Dollar Index increased by 0.5 percent to 88.36.

Analysts associated the dollar climbing to firm data and comments from Federal Reserve Bank of New York President William Dudley. Mr. Dudley says that he expects that the bank would be able to lift rates in December. Fed-funds futures have shown that investors implied a 74 percent chance of a rate hike in December, according to CME Group data.

The euro declined 0.4 percent to $1.0929 following the European Central Bank's decision to keep interest-rates unchanged.

Tags: USD
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