The U.S. dollar drifted lower on Tuesday amid hopes the Federal Reserve might slow down the pace of interest rate hikes as data showed a contraction in US business activity in the month of October.
On Monday, a monthly S&P Global survey of purchasing managers showed both manufacturers and services firms reported weaker client demand in October.
The S&P Global US Composite PMI declined to 47.3 in October 2022, down from 49.5 in the previous month, pointing to the second-fastest pace of contraction in the sector since 2009.
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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.