The U.S. dollar strengthened against other major currencies in the Asian session on Thursday, after the U.S. Federal Reserve delivered its first interest-rate hike since July 2023, and suggested rates may need to go still higher to get inflation under control.

For the first time since July of 2023, the Federal Reserve announced on Wednesday that it has decided to raise interest rates. The Fed said it decided to raise the target range for the federal funds rate by 25 basis points to 3.75 to 4 percent in support of its dual mandate.

A report released by the Commerce Department on Wednesday showed business inventories in the U.S. increased by much more than expected in the month of July. The Commerce Department said business inventories climbed by 0.8 percent in July following a revised 0.1 percent uptick in June. Economists had expected business inventories to rise by 0.3 percent.

Homebuilder sentiment in the U.S. has deteriorated by much more than anticipated in the month of September, according to a report released by the National Association of Home Builders on Wednesday. The report said the NAHB/Wells Fargo housing market index fell to 32 in September after inching up to 35 in August. Economists had expected the index to edge down to 34.

A report released by the Labor Department on Wednesday showed import prices in the U.S. increased by much more than expected in the month of August. The Labor Department said import prices climbed by 0.7 percent in August after falling by a revised 0.3 percent in July.

Retail sales in the U.S. shot up by much more than expected in the month of August, according to a report released by the Commerce Department on Wednesday. The Commerce Department said retail sales jumped by 1.2 percent in August after falling by a revised 0.5 percent in July. Economists had expected retail sales to increase by 0.7 percent.

UK consumer price inflation rose to a five-month high in August on renewed increase in fuel prices but the Bank of England is widely expected to hold the interest rate as energy shocks show no sign of broadening. Inflation advanced to 3.1 percent from 2.9 percent in July, the Office for National Statistics said Wednesday. The rate came in line with expectations.

Eurozone industrial production declined for the second straight month in July, reflecting a weak start to the third quarter, official data revealed Wednesday. Industrial output edged down 0.1 percent in July, after falling at the same pace in June, Eurostat reported. Production was expected to decline 0.2 percent.

The Federal Reserve Bank of New York released a report on Tuesday showing its reading on regional manufacturing activity fell by much more than expected in the month of September but still indicated growth. The New York Fed said its general business conditions index slumped to 7.6 in September from 20.6 in August.

German economic confidence improved moderately in September as experts were cautiously optimistic about economic recovery, survey results from the Mannheim-based Centre for European Economic Research, or ZEW, showed Tuesday. The ZEW indicator of economic sentiment rose less-than-expected to 34.7 in September from 34.2 in the previous month. The reading was seen at 39.8.

China's industrial production growth accelerated in August on robust foreign demand, while retail sales logged a weaker growth and fixed asset investment downturn worsened further, underscoring the challenges in achieving the official growth target this year. Industrial production increased 5.2 percent on a yearly basis in August, faster than the 4.5 percent rise in July, the National Bureau of

The UK unemployment rate remained unchanged and wage growth eased in the three months to July period, reflecting the softening labor market conditions, data from the Office for National Statistics revealed Tuesday. The unemployment rate 4.9 percent in the three months to July, the same rate as in the quarter ended June. The rate was forecast to rise to 5.0 percent.

The U.S. dollar strengthened against other major currencies in the Asian session on Monday, as the Federal Reserve (Fed) is making aggressive rate-hike bets for Wednesday's decision, following higher U.S. inflation figures.

The New Zealand dollar weakened against other major currencies in the Asian session on Monday, due to a dovish hike by the Reserve Bank of New Zealand (RBNZ).

A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. has deteriorated by much more than anticipated in the month of September. The University of Michigan said its consumer sentiment index slumped to 47.8 in September after tumbling to 51.7 in August. Economists had expected the index to edge down to 51.0.

A closely watched report released by the Labor Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of August, although core prices rose by slightly more than expected. The Labor Department said its consumer price index climbed by 0.4 percent in August after inching up by 0.1 percent in July.

The Canadian dollar weakened against other major currencies in the European session on Friday, as the crude oil prices traded lower amid escalating U.S.-Iran tensions and concerns over prolonged disruption to global energy supplies.

The UK economy expanded unexpectedly in July as artificial intelligence and cloud computing boosted services output, official data revealed Friday. Gross domestic product posted a monthly growth of 0.4 percent, following an increase of 0.3 percent in June and no growth in May, the Office for National Statistics reported. GDP was expected to remain flat in July.

The European Central Bank raised interest rates on Thursday, as expected, prompted by the fears of an inflation shock as energy prices surge amid the recent escalation of the Iran war.

A report released by the National Association of Realtors on Thursday showed an extended slump by existing home sales in the U.S. in the month of August. NAR said existing home sales dove by 2.0 percent to an annual rate of 3.98 million in August after tumbling by 1.7 percent to an annual rate of 4.06 million in July.

Producer prices in the U.S. increased in line with economist estimates in the month of August, the Labor Department revealed in a report released on Thursday. The Labor Department said its producer price index for final demand rose by 0.4 percent in August following a revised 0.1 percent uptick in July.

The Labor Department released a report on Thursday unexpectedly showing a slight dip in first-time claims for U.S. unemployment benefits in the week ended September 5th. The report said initial jobless claims edged down to 206,000, a decrease of 1,000 from the previous week's revised level of 207,000.

The Indian rupee weakened against the U.S. dollar in the early European session on Thursday, amid surging crude oil prices as the U.S. and Iran continued to trade attacks, dashing hopes for the reopening of the Strait of Hormuz and renewing inflation concerns.

China's consumer price inflation increased in August, driven by higher technology and energy prices, and producer price inflation exceeded economists' forecasts, official data revealed Wednesday. Consumer prices advanced 0.8 percent in August from last year, faster than the 0.5 percent rise in July, the National Bureau of Statistics said.

A robust job market update from the U.S. on Friday limited the dollar's decline in the wake of dovish comments from a Fed official.