Dollar hits 18-month high amid bond decline
The US dollar retreated from its highest level in 18 months due to a decline in US Treasury bond yields, as the market responded to elevated inflation data and calming statements from Federal Reserve officials that eased expectations of interest rate hikes in October. Despite high inflation, markets no longer anticipate a definitive rate increase, leading to stability in the dollar and a drop in the yields on 10- and 30-year Treasury bonds to their lowest levels in three weeks, while the euro and British pound gained strength against the dollar.
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