The U.S. dollar firmed against most of its major rivals on Wednesday, as bond yields rose after some Fed officials suggested the possibility of more aggressive rate hikes to combat inflation.
Data from the Institute for Supply Management (ISM) showing an unexpected acceleration in the pace of growth in U.S. service sector activity in the month of July contributed as well to the currency's uptick.
The ISM said its services PMI rose to 56.7 in July from 55.3 in June, with a reading above 50 indicating growth in the sector. The uptick came as a surprise to economists, who had expected the index to dip to 53.5.
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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.