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Bulls Shrug Off Bout of Profit-Taking, Leaving the Greenback Poised to Rally into Year-End
The dollar recovered from the bout of profit-taking seen after the FOMC largely confirmed market expectations to post a weekly advance against all the major and most emerging market currencies. The omicron variant continues to sweep across the world, and efforts in large parts of Europe and the US to cajole employees into returning to offices were set back. Growth concerns and the confirmation of the hawkish pivot by the Federal Reserve weighed on the dollar-bloc currencies and the Scandia. The fact that New Zealand (November 23) and Norway (December 16) hiked rates for the second time the cycle failed to lend much ... (full story)