The U.S. dollar lost ground against its major peers on Thursday, weighed down by a report saying the U.S. economy expanded less than forecast in the second quarter, and comments from Fed Chair Jerome Powell that the bank is unlikely to hike rates anytime soon.
Powell said on Wednesday that the economy was "still a ways off" from reaching a standard of "substantial further progress" to scale back the asset purchase program.
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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.