The U.S. dollar gained against its major rivals on Thursday as rising concerns about inflation and aggressive monetary tightening by the Federal Reserve boosted the currency's safe-haven appeal.
Rising oil prices fueled concerns about an acceleration in inflation. Oil prices surged after the OPEC+ announced that the group would cut crude output by 2 million barrels per day from November. Recent data showing a drop in U.S. crude inventories contributed as well to the surge in oil prices.
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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.