After exhibiting strength against most of its peers in the Asian session, the U.S. dollar turned a bit easy against a few major currencies on Tuesday as traders digested Fed Chair Jerome Powell's Congressional testimony.
The dollar gained early on in the session as U.S. treasury yields rose amid speculation that the central bank will gradually tighten its monetary policy.
Later on in the day, Powell continued to downplay the risks of inflation during testimony before the House Select Subcommittee on the Coronavirus Crisis.
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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.