The U.S. dollar soared to a fresh two-decade high, pushing several major currencies to their multi-year lows in the process, amid mounting fears of a recession due to aggressive policy tightening by the Fed and increasing possibilities of more sharp increases in interest rates lifted its safe-haven appeal.
The Federal Reserve announced its third straight 75-basis point hike in interest rates on Wednesday, and signaled more such moves in the upcoming meetings, aiming to fight inflation.
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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.