The U.S. dollar firmed against most of its major rivals on Thursday after data showing the nation's inflation rose more than expected in January, raising expectations that the central bank is likely to hike interest rate by 50 basis points in March.
The Labor Department said its consumer price index climbed by 0.6% in January, matching the upwardly revised advance seen in December. Economists had expected consumer prices to rise by 0.5%, matching the increase originally reported for the previous month.
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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.