The U.S. dollar firmed against its major counterparts on Wednesday as falling risk sentiment pushed up the demand for the safe-haven currency.
Speaking at the European Central Bank's forum in Sintra, Federal Reserve Chair Jerome Powell warned of an economic downturn in the wake of the central bank's monetary policy tightening to control inflation.
Powell said that the central bank would not allow a transition from a low inflation environment to a high inflation environment.
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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.