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US Dollar Strengthens as Higher Core Inflation Boosts Federal Reserve Rate Expectations
The euro declined against the US dollar following higher than expected core inflation data from the United States Bureau of Labor Statistics. Persistent price pressure reinforced market expectations that the Federal Reserve will continue raising interest rates. Data from Polymarket indicates an 86 percent probability of a 25 basis point rate hike at the upcoming December meeting. Higher expected interest rates in the United States continue to support demand for dollar assets.