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Currencies: Dollar set to take cues from speech by Fed’s Powell

Currency markets were calm ahead of a much anticipated speech by Federal Reserve Chairman Jerome Powell later on Wednesday.

The Fed is expected to raise interest rates for a fourth time this year in December, Fed funds futures prescribing a 79.2% chance. But as the central bank edges toward a neutral rate, market participants wonder when the rate increases — engines of dollar strength — will stop.

Powell’s speech is scheduled for noon ET. Fed speakers have been in focus since both Powell, but also the increasingly dovish sounding Vice Chairman Richard Clarida, who spoke on Tuesday, have been warning on global growth prospects.

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