The U.S. dollar came off recent highs on Tuesday as markets looked ahead to the Federal Reserve's interest rate decision, due on Wednesday.
The Federal Reserve begins its two-day meeting later today and is expected to deliver a 50 basis point interest rate hike on Wednesday.
The Fed is expected to begin reducing its balance sheet that has swollen to nearly $9 trillion.
On the economic front, new orders for U.S. manufactured goods spiked by more than expected in the month of March, according to a report released by the Commerce Department.
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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.