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have been under intense pressure this week as investors continue reflecting on last Friday’s consumer inflation data.
For example, gasoline prices have more than doubled in the past 12 months. The prices of other food items like eggs and meat have also risen by over 30%. The next key catalyst for the pair will be the upcoming interest rate decision by the Federal Reserve. With inflation surging, analysts believe that the FOMC will hike interest rates by a whopping 0.75%. If his happens, it will be the biggest increase since the Volker era.
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