After climbing higher amid rising speculation the Federal Reserve and several other central banks will aggressively hike interest rates to fight inflation, the U.S. dollar pared gains with traders turning slightly cautious.
The Fed is widely expected to announce another 75-basis point hike interest rates. CME Group's FedWatch Tool is currently indicating an 84% chance of a 75 basis points rate hike and a 16% chance of a 100 basis point rate hike.
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