The U.S. dollar drifted down on Tuesday, coming further off the two-decade highs it touched late last week, as some upbeat economic data and easing Covid concerns in China triggered hectic buying in global equities and dimmed the currency's safe-haven appeal.
Fed Chair Jerome Powell said today that he is confident that the central bank can raise rates and deal with inflation without sending the economy into recession, although he noted that it will be a challenging task.
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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.