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Dollar Hits Multi-Week High as Yen Weakens Past 160

The dollar strengthened as rising oil prices and a hawkish Federal Reserve stance fueled demand. Meanwhile the yen fell past 160 per dollar amid intervention fears.

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The United States dollar index rose 0.05% to 98.98 on Thursday, reaching its highest level since April 13. This rally followed a divided Federal Reserve decision to hold rates and a 4% surge in West Texas Oil. Investors are pricing in a hawkish shift as geopolitical tensions in Iran drive safe-haven demand and inflation risks.

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