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The dollar climbed to the highest level since 2003 against the euro and gold plunged as the prospect of a steeper path for U.S. interest rates filtered through markets.Financial shares led gains in major American equity benchmarks, while rate-sensitive stocks slipped after U.S. 10-year yields reached the highest level in more than two years.The dollar gained 1.1 percent to $1.04242 per euro, the strongest since January 2003 .The Fed lifted its target for overnight borrowing costs by 25 basis points, or 0.25 percentage point, Wednesday to a range of 0.5 percent to 0.75 percent.Yields on 10-year Treasury notes rose three basis points to 2.60 percent, after touching their highest level since September 2014 . German 30-year bund yields climbed 6 basis points to 1.12 percent.
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