53 The U.S. dollar saw gains on Thursday, propelled by robust economic data revealing higher-than-anticipated producer prices and a decline in unemployment claims, which suggested the possibility of fewer rate cuts by the Federal Reserve this year. The dollar index, measuring the currency against six major counterparts, advanced in three of the last four sessions, reaching 103.36, marking a 0.6% increase. For the week, the index registered a 0.6% rise, its most significant weekly gain since mid-January. February’s U.S. producer price index for final demand showed a 0.6% increase, surpassing economists’ forecast of a 0.3% climb. Additionally, data indicated a 1.6% surge in the PPI over the 12 months through February, following a 1.0% rise in January. This report followed strong consumer price data earlier in the week. Market sentiment now leans towards a potentially hawkish stance from the Federal Reserve at its upcoming policy meeting, scheduled for March 19-20. While no interest rate changes are expected, investors await revisions to the Fed’s interest rate forecast, with U.S. rate futures indicating reduced probabilities of rate cuts, particularly for the June meeting. In the cryptocurrency market, bitcoin experienced a more than 5% decline after reaching a record high of $73,803 earlier in the day. It later settled at $69,381 amid optimism regarding potential Fed rate cuts and increased interest in exchange-traded bitcoin funds. You Might Be Interested In Surprise Biden Admin Sting Indicts Chinese Fentanyl Producers SumUp Defies Fintech Funding Slump, Raises $307 Million in Fundraising Netflix hikes subscription prices amid password crackdown success DP World’s $2 Billion Mozambique Port Expansion Gets Green Light AutoZone Successfully Implements Leadership Transition Plan Tesla shares valued $3.58 billion sold by Elon Musk