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The dollar has more or less encountered one-way traffic over the past year. With the Federal Reserve raising interest rates 14 times from June 2004 – most recently in January, when it raised its benchmark rate a further 25 basis points to 4.5% – the dollar has had a virtually unchecked bull run, strengthening nearly 15% against the yen and more than 12% against the euro over 2005.

But dealers say the direction of the dollar in the coming year could be a little more uncertain. Analysts are mor

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