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LONDON/TOKYO, March 13 - The U.S. dollar index held steady on Wednesday as traders shrugged off hotter-than-expected U.S. inflation and still expected a Federal Reserve interest rate cut in June.
Markets see almost no chance of a Fed cut later this month, but expectations for rate cuts in June have eased only a touch to about a 67% likelihood versus 71% earlier in the week, according to the CME Group's FedWatch Tool. Last week, Powell said the U.S. central bank was"not far" from gaining the confidence it needs in falling inflation to begin cutting rates.
Traders are now looking to the initial estimates of spring wage negotiations to be announced on Friday. The results will be crucial for the BOJ's policy calculations on whether to exit negative interest rates at its meeting on March 18-19.
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