The U.S. dollar climbed higher against its major rivals on Friday after data showing a bigger than expected increase in consumer price inflation raised prospects of aggressive policy tightening by the Federal Reserve.
Data released by the Labor Department showed consumer prices in the country shot up by more than expected in the month of May, raising concerns about the outlook for interest rates.
The Labor Department said its consumer price index jumped by 1% in May after rising by 0.3% in April. Economists had expected consumer prices to increase by 0.7%.
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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.