After moving along the flat line since the start of the Asian session on Wednesday, the U.S. dollar climbed higher, scoring notable gains against most of its peers, after the Federal Reserve said it expects two rate increases by the end of 2023.
As widely expected, the Fed left interest rates unchanged and reiterated that its asset purchase program will continue at a $120 billion monthly pace until "substantial further progress" has been made on employment and inflation.
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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.