The U.S. dollar spiked higher against its major trading partners in the European session on Thursday, as short-term U.S. treasury yields rose in reaction to comments from Federal Reserve Chair Jerome Powell, signaling a liftoff in interest rates in March and the prospects of an aggressive policy tightening in the subsequent meetings this year.
Powell stuck a more hawkish tone at his press conference, saying that the central bank has "quite a bit of room" to raise interest rates without threatening the labor market.
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