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
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.