The US dollar fell against most global currencies after Federal Reserve Chairman Jerome Powell said after the central bank's policy meeting that the latest inflation data did not change the underlying trend of slowly easing price pressures in the United States.
Powell reiterated that the Fed remains on track to cut interest rates three times this year, despite earlier projections of slower progress in inflation, Reuters reported.
The US dollar index .DXY, which tracks the greenback against a basket of global currencies, was at 103.4.
The EUR/USD was up 0.05% at 1.0925, while the GBP/USD was trading at 1.2784, showing stability over the past 24 hours.
Meanwhile, the USD/JPY fell 0.04% to 151.1.
The yen was also boosted by comments from Bank of Japan Governor Kazuo Ueda, who made it clear that the central bank will move slowly but steadily toward normalizing monetary policy. Following the statement, the Nikkei reported that expectations are growing for the Bank of Japan to raise interest rates in July or October.
Meanwhile, the AUD/USD jumped 0.47% to 0.6616 after the Australian Bureau of Statistics released its unemployment and employment report.
The data showed that net employment in Australia rose by 116,500 in February from January, beating market expectations of a 40,000 increase, while the unemployment rate fell to 3.7%.
ING's Rob Carnell said: "Employment data is always very volatile, and no month's data should be taken in isolation. However, today's numbers are too strong to ignore."
The NZD/JPY was up 0.13% at 92.06.
Meanwhile, in the cryptocurrency market, the BTC/USD pair is up 7.42% to trade at 67,438.
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