The greenback held steady at 0.7906 Swiss franc, after dipping as low as 0.7873 franc in the previous session. The euro was flat at $1.1802, sticking close to the overnight peak of $1.1829. Sterling edged up slightly to $1.37435, approaching Tuesday's high of $1.3787, a level last seen in October 2021.

Fed Chair Jerome Powell effectively told President Trump on Tuesday that he's his own worst enemy in his crusade for rate cuts. He was speaking specifically about the tariffs Trump has announced and implemented,