Dollar rises near 13-month high as Fed rate bets build

The dollar climbed to a 13-month high as traders priced higher short-term U.S. rates, driven by a resilient U.S. economy, wider yield differentials and hawkish Federal Reserve expectations. The move pressured other markets, sending gold below $4,000 an ounce for the first time in more than seven months and briefly pushing bitcoin under $60,000, while investors looked to U.S. Personal Consumption Expenditures data for further guidance on monetary policy.

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