The U.S. Dollar lost ground against other major currencies on Tuesday after the Federal Reserve Chairman Jerome Powell said the central bank has not decided as yet on reducing its balance sheet.
Powell said in his testimony that the policymakers were still debating approaches to reducting the balance sheet, and it might take 2 to 4 meetings for them to decide on the approaches.
The dollar index dropped to 95.58, losing more than 0.4%.
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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.