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Dollar advances as strong U.S. data backs higher rates backdrop.

The U.S. dollar held gains against a basket of currencies on Thursday, bolstered by stronger-than-expected producer prices and falling jobless claims, hinting that the Federal Reserve would have to maintain its inflation-fighting interest rate hikes for longer.

Earlier, the dollar index hit six-week highs, rising to six-week peaks as well against the yen, euro, and Australian dollar. By afternoon trading, the dollar pulled back and traded within narrow ranges.

The U.S. producer price index bounced to 0.7% in January, after declining 0.2% in December. Meanwhile, jobless claims unexpectedly fell to 194,000, compared to the 200,000 claims expected, according to a Reuters poll.

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