The dollar held firm on Wednesday after the previous day's surge in U.S. yields resulted in sharp gains against the euro and put the greenback above support levels established in recent months amid mounting expectations for U.S. interest rate increases.
The euro is back on its 50-day moving average at $1.1327 after falling about 0.7% on Tuesday, its sharpest daily drop in a month.
"A lot of officials left us with hawkish impressions right before going quiet ," NatWest markets' strategist Jan Nevrusi said. Fed funds futures are pricing three more hikes in 2022. Analysts say dollar strength could extend if traders start expecting rates to rise not just faster but further as well.
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