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Dollar inches lower after rally; focus on rate hike prospects

The dollar drifted lower on Wednesday after hitting the weekly peak in the previous session, while U.S. 10-year Treasury yields dipped as investors' focus slowly shifted from Greece to prospects for higher U.S. interest rates. A lack of progress on the Greek debt crisis stoked risk aversion in the market, boosting the safe-haven JPY against the USD.

GBP stayed close to its seven-year high against a trade-weighted basket of currencies on Wednesday, boosted by speculation that the Bank of England would raise interest rates in the next six months.

The CAD retreated more than half a percent against the greenback on Wednesday as crude oil prices fell, while anxiety over whether Greece and its creditors would arrive at an 11th-hour debt deal kept markets on edge.

U.S. stocks opened lower on Wednesday, putting them on track to break a three-day winning streak. Global equity markets slumped as negotiations between Greece and its creditors hit another roadblock.



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