The U.S. dollar climbed higher against most of its major counterparts on Wednesday, buoyed by comments from Federal Reserve Chair Jerome Powell that the central bank is determined to keep raising interest rates until there is convincing evidence that inflation moves down.
Powell said on Tuesday that the Fed won't hesitate to raise rates beyond neutral levels until prices start falling back towards healthy levels again.
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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.