The U.S. dollar drifted lower against most major currencies on Wednesday, dragged down by Federal Reserve Chairman Jerome Powell's testimony before the House Financial Services Committee that reignited optimism about a potential rate cut by the Fed later this month.
On the first day of the much awaited two-day testimony before the Congress, Powell said that crosscurrents, such as trade tensions and concerns about global growth, have continued to weigh on the U.S. economic outlook since the central bank's June meeting.
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