The dollar remained near a three-week low on Wednesday after Federal Reserve Chairman Jerome Powell reiterated that the central bank would stay patient on monetary policy and as the pound rallied.
The dollar index against a basket of six major currencies stood at 96.056 after shedding 0.4 percent overnight, when it stooped to 95.948, its lowest since Feb. 5.
Powell said on Tuesday that rising risks and recent soft data were unlikely to prevent solid growth for the U.S. economy this year, but that the Fed would remain “patient” in its decisions on further interest rate hikes.
The pound was up 0.1 percent at $1.1361 after surging more than 1 percent overnight to a five-month peak of $1.3288.
The dollar was little changed at 110.56 yen after shedding 0.4 percent the previous day. The greenback rose to a two-month high of 111.24 on Monday but has met firm technical resistance near the 200-day moving average 111.30.
Source : Reuters