The U.S. dollar pared early gains against its major counterparts on Friday after expectations for an aggressive tightening of monetary policy by the Fed dropped a bit following the latest data on core consumer price growth and personal income and spending.
Data released by the Commerce Department showed core consumer price growth accelerated to a nearly 40-year high in December.
The Commerce Department's reading on inflation, which is said to be preferred by the Federal Reserve, showed the annual rate of core consumer price growth accelerated to 4.9% in December, reaching the highest level since September 1983.
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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.