The U.S. dollar firmed against its major counterparts on Tuesday amid bets the Federal Reserve will announce a sharp hike in interest rates at the end of its monetary policy meeting on Wednesday.
The Fed is widely expected to hike rates by another 75 basis points. Some analysts expect the hike could even be by 100 basis points.
The central bank is expected to raise the fed dunds rate to 4.5% by early next year.
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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.