Rate hike bets buoy euro and bolster U.S. dollar

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Reuters UK

By Rae Wee SINGAPORE (Reuters) – The dollar was firm on Wednesday as stronger-than-expected U.S. economic data and hawkish Federal Reserve comments pointed to higher interest rates, while rate-hike bets in Europe also have the common currency clinging on above parity. German inflation running at its highest in nearly 50 years and a growing chorus of European Central Bank officials calling for big rate hikes has markets pricing a better-than-even chance of a 75 basis point (bps) rate hike next week. The euro rose 0.16% to $1.0032 in the Asia trade, which if sustained would make for a third sess…

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