The U.S. dollar lost ground against most of its major rivals on Wednesday, reacting to Federal Reserve Chairman Jerome Powell's remarks about the economy and the central bank's monetary policy.Powell said in his testimony before the House Financial Services Committee that "substantial further progress" towards employment and price stability goals is "still a ways off." Powell's comments signal th...
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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.