The U.S. dollar spiked higher against its major counterparts in the European session on Friday, as the nations's consumer inflation accelerated more than expected in May, intensifying the prospects of aggressive policy tightening by the Federal Reserve beyond July.
Data from the Labor Department showed that the consumer price index jumped by 1.0 percent in May after rising by 0.3 percent in April. Economists had expected consumer prices to increase by 0.7 percent.
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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.