The U.S. dollar firmed against its major counterparts on Friday and the dollar index rose to a fresh 2-year high, buoyed by hawkish remarks from a Federal Reserve policy maker supporting aggressive interest rate hikes to counter inflation.
St Louis Fed President James Bullard said on Thursday that the central bank remained "behind the curve" on interest rates and preferred to raise the federal funds rate by another 3 percentage points by the end of the year.
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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.