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6/14, 9:20 PM (Source: TeleTrader)
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Dollar rallies as US rate cut bets weaken

Upbeat retail sales and industrial output figures for May and the increase in the usage of capacity among producers in the United States propped up the greenback on Friday against major peers. Traders were increasingly confident in the strength of the domestic economy, at least compared to the Eurozone, Britain, Japan and China. Fed fund futures showed a pullback for this year in expectations for decreases in interest rates set by the Federal Reserve.

Industrial production growth in the most populous nation surprisingly narrowed last month to a level unseen in 17 years, with concern also prompted by reports on investment. Further optimism was fueled by US President Donald Trump, who said China would eventually agree on a bilateral trade deal. Precious metals mostly surrendered daily gains. The dollar added only 0.08% versus the offshore yuan, selling for 6.9346 at 3:19 pm ET.

The euro was 0.56% lower at $1.1212 after hitting an eight-day low at $1.12024. The pound tumbled 0.68% to $1.25872 following a dip to $1.2581, the weakest point this month. The dollar jumped 0.5% to 0.999 Swiss francs. The highest level was 0.9996, unseen since June 3. The exchange rate advanced 0.15% to ¥108.551.

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