The U.S. dollar drifted lower on Thursday, coming off near two-decade highs, as traders looked ahead to Fed Chair Jerome Powell's speech at the Jackson Hole symposium on Friday for clues on interest rates.
Powell is widely expected to reiterate the central bank's hawkish stance, given the expectations that inflation in the U.S. will be persistent and it will take time to contain it.
Data from the Labor Department showed the U.S. economy contracted an annualized 0.6% in the second quarter, following a 1.6% drop a quarter earlier.
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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.