(MENAFN- Gulf Times) The US dollar held steady in early Asian trading on Wednesday, after remarks from Federal Reserve Chair Jerome Powell reinforced market expectations of an interest rate cut later this month.
The greenback had weakened on Tuesday against both the Japanese yen and the Swiss franc, as trade tensions between the United States and China intensified following renewed tariff-related exchanges.
The euro gained ground after the French government proposed suspending planned pension reforms, providing some support to the single currency.
The dollar index (DXY), which measures the greenback's performance against a basket of major currencies, was unchanged at 99.06, after falling 0.2% in the previous session.
Against the Japanese yen, the dollar was steady at 151.80 yen, following a 0.3% decline on Tuesday. The greenback was also little changed against the Swiss franc, trading at 0.8013 francs, after slipping 0.3% in the prior session.
The euro was stable at $1.1606, maintaining gains of 0.3% recorded yesterday.
Elsewhere, the Australian dollar edged up 0.1% to $0.6491, after a 0.5% drop on Tuesday that took it to its weakest level since August 22 at $0.6440. The New Zealand dollar eased 0.1% to $0.5706, extending Tuesday's 0.2% decline when it hit a six-month low of $0.5684.
DXY US trading Federal Reserve

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