The U.S. dollar rebounded after early weakness on Thursday, lifted by Federal Reserve Chairman Jerome Powell's announcement about a new strategy for meeting price stability and employment goals.
During his speech at the virtual Jackson Hole economic symposium, Powell said that the Fed will change its approach to a "flexible form of average inflation targeting." He stressed that the longer-run goal continues to be an inflation rate of 2% but noted inflation will average less than that if it runs below 2% following economic downturns and never moves about that level even when the economy is strong.
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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.