The U.S. dollar turned in a sluggish performance on Wednesday with traders looking ahead to the crucial inflation data for the month of September, for clues about Federal Reserve's next move on interest rate hikes.
After staying weak during the Asian session, the dollar climbed higher, and after coming off the session's high, moved higher again after the Fed minutes indicated more aggressive rate hikes to tame inflation. However, it failed to hold at higher levels and dropped down again before finding some support.
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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.