The U.S. dollar lost ground against its major counterparts on Thursday, weighed down by Fed Chair Jerome Powell's comments signaling a slower pace of rate hikes from this month.
The Fed is widely expected to hike interest rate by 50 basis points when it meets on December 13-14.
In his speech at a Brookings Institution event on Wednesday, Powell said the time for moderating the pace of interest rate increases may come as soon as at the December meeting.
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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.