In the United States, manufacturing activity contracted for a fourth straight month in February, but a gauge of prices for raw materials increased last month, stoking concerns that inflation would remain stubborn.
Fed funds futures tied to the Fed’s policy rate see about an even chance that the rate will range from 5.5% to 5.75% by September, from the current range of 4.5% to 4.75%. The euro lost 0.65% and the pound dropped 0.67%, with hotter-than-expected inflation numbers adding pressure on the ECB to raise rates.
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