The U.S. dollar drifted lower against its major rivals on Wednesday as data showing the nation's consumer inflation slowed more than expected in July, raising speculation that the central bank will be less aggressive with regard to interest rate hike in September.
Data from the Labor Department said the consumer price index was unchanged in July after jumping by 1.3% a month earlier. Economists had expected prices to edge up by 0.2%.
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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.