The U.S. dollar drifted lower against most of its major counterparts on Monday, extending its slide from the previous session, weighed down by very hawkish comments from the European Central Bank.
The ECB, which hiked its lending rate by a whopping 0.75% on Friday, signaled further aggressive hikes in the coming months to rein in inflation.
Also, traders appear to be expecting U.S. inflation data to be a bit soft. The data, due tomorrow, is expected to show a continued slowdown in the annual rate of consumer price growth to 8.1% in August from 8.5% in July.
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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.