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Firmer dollar extends gains on U.S. PPI result

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CHICAGO (MarketWatch) -- An already firmer dollar got an additional boost from a U.S. inflation report that the currency market believes will spell higher U.S. interest rates. U.S. wholesale prices surged 1.9% in September, the biggest jump in 31 years. The producer price index has increased 6.9% in the past 12 months, the fastest rise in 15 years and nearly double the rate seen in June. But core prices, which exclude food and energy, are up 2.6% in the past year, down from 2.8% in August. The dollar, already at two-year highs against its Japanese counterpart, rose to 115.89 yen vs. 115.85 before the report. The euro fell to $1.1926 vs. $1.1940 before the report at $1.2017 late Monday.

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