The U.S. dollar climbed to a fresh 16-month high in the Asian session on Wednesday amid expectations the Federal Reserve will likely start hiking rates from mid-2022.
However, the currency retreated subsequently with traders digesting a slew of economic data from the U.S. and Europe.
Data released by the Commerce Department showed an unexpected decrease in new residential construction in the month of October, although the report also showed a bigger than expected spike in building permits.
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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.