The U.S. dollar remained on the back foot against major peers on Wednesday after a two-day drop as U.S. Federal Reserve officials including Chair Jerome Powell reaffirmed that tighter monetary policy was still some way off.
Overnight, both Powell and New York Fed President John Williams warned that the economic recovery requires more time before a tapering of stimulus and higher borrowing costs are appropriate. The Aussie dollar, often viewed as a proxy for risk sentiment, was largely flat at US$0.7546, up from a recent low of US$0.7478.
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