After climbing higher against major peers in the European session, the U.S. dollar retreated on Friday, giving up gains against some counterparts, with traders weighing the prospects for futures interest rate hikes.
In an interview on Thursday, Fed Chair Jerome Powell reiterated that the central bank is considering to raise interest rates by a half point at the coming meetings in June and July.
"If the economy performs about as expected, it would be appropriate for there to be additional 50-basis point increases at the next two meetings," Powell said.
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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.