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The ICE U.S. Dollar Index jumped 0.4% on Friday after a hotter-than-expected November jobs report fueled expectations that the Federal Reserve will need to lift rates even higher than many people expect next year. The index had finished below its 200-day moving average on Thursday for the first time since June 16, 2021, suggesting to strategists that the dollar’s 2022 rally could be over. Instead, the Dollar Index was jumping alongside Treasury yields on Friday as traders and investors factored in the prospects of a fed-funds rate that could get to 5% or higher by March.
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