The U.S. dollar climbed to a fresh two-year high on Tuesday amid rising expectations the Fed would announce a series of steep rate hikes this year.
St. Louis Federal Reserve Bank President James Bullard's comments that more aggressive policy tightening is needed to combat inflation buoyed up the dollar.
The central bank is prepared to get to neutral expeditiously, Bullard said on Monday, reiterating that he supports interest rate at 3.5% by the year end.
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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.