After exhibiting some weakness in the Asian session, the U.S. dollar rebounded smartly Thursday morning, but fell again and stayed weak thereafter as Fed Chair Jerome Powell said the bank will not hike interest rates anytime soon.
Rising Treasury yields amid hopes of a big fiscal stimulus from Joe Biden's administration had lifted dollar earlier in the day.
The fresh U.S. stimulus package is expected to include $2,000 in stimulus checks, funding to state and local governments and other emergency spending measures. CNN reported that Biden is mulling a huge spending package worth about $2 trillion.
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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.