The U.S. dollar gained in strength and scored gains against it major counterparts on Wednesday as data showing an acceleration in U.S. inflation in April raised speculation that the Federal Reserve will tighten its monetary policy sooner than expected.
The Labor Department said its consumer price index climbed by 0.8% in April after rising by 0.6% in March. Economists had expected consumer prices to inch up by 0.2%.
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Forex News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.