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Dollar turns higher after Yellen calls for gradual rate hikes

(MarketWatch) Loonie boosted as Bank of Canada delivers first rate hike in 7 years.

“The key takeaway is how confident Yellen is that rate hikes are needed over the next few years, which means there’s a commitment that inflation will need to be combated a bit,” said Juan Perez, a currency trader at Tempus Inc.

The euro EURUSD, -0.3310% slipped to $1.1418 versus the dollar from $1.1468 late Tuesday in New York. It swung in a range of $1.1409 to $1.1490.

“Yellen has created a policy divergence. Compared with other central banks, the Fed is in a hike mode, trying to normalize policy, which may limit how much the euro can rise,” Perez said.

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