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The dollar fell against most currencies amid some speculation the U.S. Federal Reserve could take steps to curb a recent rise in bond yields in a policy decision later in the day.
The main focus is a Fed policy meeting later on. While no major changes are expected, recent rises in yields have pushed up the dollar due to increasing signs that the U.S. economy is slowly rebounding from the health crisis shock, though a full-fledged recovery is still distant.
Against the British pound, the greenback fell to $1.2760, the lowest since March 12.
U.S. central bankers on Wednesday will also publish their first economic projections since the coronavirus pandemic plunged the country into recession.
Estimates are expected to signal a collapse in output this year and near-zero interest rates for the next few years.
The euro rose against the pound, concerns about progress in trade talks between Britain and the European Union continue to hamper both currencies.
The EU’s chief Brexit negotiator, Michel Barnier, is scheduled to speak later on Wednesday, which may yield details that will help determine whether market sentiment will improve.
GBP/EUR 1.1217 GBP/USD 1.2753 GBP/AED 4.676
GBP/AUD 1.8230 GBP/CHF 1.2078 GBP/CAD 1.7080
GBP/NZD 1.9481 EUR/USD 1.1352 GBP/ZAR 21.064