The U.S. dollar firmed against other major counterparts on Monday amid bets on sharper interest rate hikes from the Federal Reserve to tame soaring inflation.
Data from Labor Department showed on Friday that the U.S. consumer price index rose to a four-decade high of 8.6% in May, beating economists' expectations of 8.3%.
The data fueled a selloff in stock markets as investors fear that aggressive monetary tightening could cause a recession.
For comments and feedback contact: editorial@rttnews.com
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.