Federal Reserve Chair Jerome Powell dismissed the possibility of a rate hike but also refrained from indicating a clear path for a rate cut. Consequently, the US dollar weakened.
Despite persistent warnings from Japanese officials about potential currency intervention, USD/JPY climbed to its highest level since the mid-1990s at 155.17 in Wednesday's New York session.
Australian inflation data released this morning pushed back expectations for a Reserve Bank of Australia (RBA) rate cut from September to November, bolstering AUD/USD.