Jerome Powell's decision to fight inflation at the Fed had a strong impact on the dollar. As a result, the greenback is rising sharply.

The U.S. dollar rose against a basket of currencies on Wednesday after Federal Reserve Chairman Jerome Powell said the central bank's fight to reduce inflation “still has a long way to go.” The dollar index, which measures the currency against six rivals, was up 0.15% on the day to 102.66, after the release of Powell's testimony prepared to be delivered to the House Financial Services Committee at 10:00 ET (1400

The euro remained stable against the dollar at $1.0915. Against the yen, the dollar was up 0.6 percent to 142.33 yen as the Japanese currency came under pressure after Bank of Japan governor Kazuo Ueda reiterated the central bank's Dovish position to maintain its ultra-free monetary policy on Wednesday

Sterling fluctuated on Wednesday, jumping at first after data showed that British inflation accelerated more than expected in May, then reversing gains amid concerns about the Bank of England's ability to protect the economy from stagnation.

The pound lost 0.43% to $1.2708, a nearly one-week low.

The Australian dollar was down 0.55% to $0.675, on track to register a fourth consecutive day of losses. It was weakened by the release on Tuesday of the minutes of the Reserve Bank of Australia's June meeting, which gave no indication of further increases, which markets interpreted as a sign of

Aussie, which is highly sensitive to Chinese economic data, has also been under pressure due to Beijing's unconvincing stimulus measures.