The U.S. dollar gained ground against its major counterparts in the New York session on Tuesday, as U.S. consumer inflation rose unexpectedly in the month of August, supporting expectations that the Federal Reserve will stick with a 75 basis-point rate hike this month.
Data from the Labor Department showed that the consumer price index inched up by 0.1 percent in August after coming in unchanged in July. Economists had expected consumer prices to edge down by 0.1 percent.
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Forex News
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.