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The dollar has been mired in its worst slump in a decade, battered by political drama in Washington and shifting bets on central bank policy. Managers of $3 trillion say the carnage has gone on long enough.

Mellon Capital Management Corp., State Street Global Advisors and UBS Asset Management are wagering that the greenback will recoup some of its 9% slide in 2017 as traders embrace a scenario that was all but written off a few weeks ago: a December rate hike by the Federal Reserve. That view gained traction Wednesday after policy makers stuck to their forecast for another increase this year. The dollar surged on the announcement.

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