The U.S. dollar traded weak against its major counterparts on Wednesday amid a drop in bond yields as treasuries rose on fears that the Fed's commitment to tackle price pressures by hiking rates sharply is likely to cause a recession.
The yield on U.S. 10-year treasury note dropped to about 3.14%.
Traders also noted the Fed Chief Jerome Powell's testimony before the Senate Banking Committee. Powell said that the Fed is strongly committed to bring inflation back down to its longer-run goal of 2 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.