The U.S. dollar exhibited weakness on Tuesday amid speculation the U.S. Federal Reserve might cut interest rates during the course of this year to help offset the impact of the coronavirus outbreak on the economy.
Former Minneapolis Fed President Naryana Kocherlakota called for a rate cut as early as May, according to a Bloomberg Opinion piece.
"I don't think that the FOMC should wait that long to deal with this clear and pressing danger," Kocherlakota wrote. "I would urge an immediate cut of at least 25 basis points and arguably 50 basis points."
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Forex News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.