Market participants widely believe the 98-level could act as the ceiling for the index, which officially publishes on a weekly and monthly basis. Thursday's midpoint was 67 pips weaker than Reuters' estimate of 6.4231. By midday, it was changing hands at 6.4220, 251 pips weaker than the previous late session close. Suggestions from two Fed officials that a period of high inflation in the United States may last longer than anticipated lifted the greenback on Wednesday. Several traders and analysts said the official fixing came in much weaker than their forecasts.
The market is believed to be powerful and is often discussed.
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The market is believed to be powerful and is often discussed .
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