The U.S. dollar, which exhibited weakness ahead of the Federal Reserve's monetary policy statement, rebounded after the Fed held the interest rate unchanged and explained its outlook for the economy.
The dollar index dropped to a low of 97.15 early on in the session, but rallied to 97.73 after the Federal Reserve Chairman Jerome Powell continued to project a patient approach to setting its benchmark interest rate and gave no indication that a cut was any more likely than an increase at this moment.
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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.