The U.S. dollar rose to a fresh 20-year high in the European session on Wednesday, hitting a 24-year peak against the Japanese currency.
The dollar soared to its highest level since 1985 against Pound Sterling.
However, after its strong uptick amid rising fears about a global recession, the dollar pared some gains, and the dollar index even slipped into negative territory.
The Federal Reserve's Beige Book said economic activity in the U.S. has been essentially unchanged since early July.
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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.