After a mixed performance, the US dollar continued to move weakly on Wednesday as concerns continued to surround the situation in the United States (US).
This was followed by statements made by Federal Reserve (Fed) officials while attending several separate events.
San Francisco Fed President Mary Daly and Cleveland Fed President Beth Hammack expressed concern about the current situation in the US economy that is affecting businesses and consumers.
Atlanta Fed President Raphael Bostic warned that businesses are starting to change employment and prices to adjust to tariffs.
In the focus of trading on Tuesday, the Reserve Bank of Australia (RBA) monetary policy meeting decision met expectations to cut interest rates by 25 basis points to 3.85%.
The central bank's follow-up statement showed no sign of either maintaining or ending the interest rate cycle.
In the New York session, the focus shifted to the Canadian inflation data report which showed a decline in readings for April.
Canadian annual inflation in April fell to 1.7% from 2.3% in March, the lowest drop in 7 months.
Monthly inflation for April was in line with expectations, contracting to -0.1% from 0.3% the previous month.
Focus today will turn to the UK inflation report in the European session, which is expected to exceed 3.0% for April.
