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Breaking:
US Dollar Plummets Before Crucial Economic Data Release; All Eyes on Fed"
Dollar Dip:
U.S. dollar retreats amid investors' wait for economic data and upcoming Federal Reserve meeting.
Data Impact:
Dollar rebounds as positive business activity and easing inflation data in the U.S. offset losses.
Economic Indicators:
Focus on Q4 2023 U.S. GDP and Friday's Personal Consumption Expenditure (PCE) data.
Market Sentiment:
Repricing of expectations for Fed rate cuts leads to potential short-term dollar strength.
Dollar Index:
Slides 0.2% to 103.26 after reaching a six-week peak.
Correction Phase:
Analysts suggest ongoing correction higher for the dollar.
Rate Cut Odds:
U.S. rate futures indicate a 40% chance of a March rate cut.
Yen's Impact:
Dollar falls 0.5% against the yen at 147.58, influenced by rising Japanese bond yields.
Euro's Rebound:
Euro rises 0.3% to $1.0885 from a six-week low, with ECB meeting ahead.
Other Currency Moves:
Sterling climbs on strong PMI, Bank of Canada holds key rate, and Bitcoin rises to $39,875.