The U.S. dollar climbed higher against major counterparts on Tuesday with traders looking ahead to the Federal Reserve's interest rate decision amid signs of a slowing economy.
The Fed, which will conclude its monetary policy meeting on Wednesday, is widely expected to raise rates by 75 basis points. A section of analysts, however, expect a hike of 100 basis points.
In economic news today, data from the Commerce Department showed new home sales plunged by 8.1% to an annual rate of 590,000 in June after jumping by 6.3% to a revised rate of 642,000 in May. Economists had expected new home sales to tumble by 5.2% to an annual rate of 660,000 from the 696,000 originally reported for the previous month.
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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.