The U.S. dollar stayed fairly steady on Wednesday as hopes for a steep cut in interest rate next month faded after recent comments from Federal Reserve Chairman Jerome Powell and St. Louis Fed President James Bullard that a big reduction may not be warranted for now.
Speaking in New York on Tuesday, Powell remarked that the Fed is independent, insulated from short-term political pressures.
Powell resisted President Donald Trump's call to cut interest rates, saying that monetary policy should not overreact to any individual data point or short-term swing in sentiment.
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Forex News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.