The dollar gaining streak extended into an eighth session, the longest stretch since April 2022. The Japanese yen was among the worst performers in the Group of 10 and was drifting toward closely the watched level of 150 per greenback. Traders now await minutes of a meeting from the previous Federal Reserve meeting due to come later on Wednesday.

The Bloomberg Dollar Spot Index rose 0.2%.

Dallas Fed President Lorie Logan said the central bank should lower interest rates at a slower pace following an unusually large rate cut last month

There is a risk the Fed has to raise interest rates next year given the inflationary policy platforms of both US presidential candidates, according to Mark Dowding, the chief investment officer at RBC BlueBay Asset Management.

USD/JPY up by 0.7% to 149.23.

"USD/JPY is gradually climbing towards 150, and the pair is currently higher than the ‘fair value' level implied from the rate differential," wrote Yusuke Miyairi, a currency strategist at Nomura International Plc. "We retain our view that the potential for a further significant increase beyond 150 is likely to be limited".

GBP/USD fell 0.2% to 1.3082.

EUR/GBP slightly lower at 0.8373; the ECB will very probably lower interest rates next week and will loosen monetary policy again at future meetings depending on progress combating price rises, Governing Council member Francois Villeroy de Galhau said.

Source : Bloomberg