The Dollar rose earlier on Wednesday in Asia on the back of U.S. Fed Chairman Jerome Powell s speech that would be delivered later in the day.
The U.S. Dollar Index dipped by 0.04% to 99.998 at 11:40 AM ET (4:40 AM GMT).
Powell might turn away from calls for negative rates even after U.S. President Donald Trump placed pressure on the topic on Tuesday. This comes as a rising concern as U.S. money markets had based pricing on the chance of negative rates last week.
The dollar rose against the Japanese Yen by 0.07% to 107.21.
Down under, the Australian Dollar saw losses on Tuesday but later gained 0.07% to $0.6474 after a newspaper reported that China had banned meat imports from Australia. The gains came after Australia s trade minister toned the news down as a technical issue.
Meanwhile, The New Zealand Dollar slipped by 1% to $0.6015.
The British Pound Sterling rose by 0.09% to $1.2271, while the Chinese Yuan lost 0.13% to 7.0906 per Dollar.
https://maxitrade.com/en/dollar-rises-in-anticipation-of-powell-s-speech