The US dollar is under pressure against the yen, while the Australian and New Zealand dollars held steady. The yen is wobbling and the Chinese yuan is at an all-time high

The dollar was on an unstable footing against the yen on Wednesday, losing ground overnight after US President Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline. The U.S. currency has been one of the biggest losers since Trump announced drastic tariffs on his trading partners on April 2, only to then delay and suspend most duties as his administration sought to reach bilateral trade deals. The dollar remained broadly stable at 146.61 yen, after falling by 0.5% in the previous session. The dollar index, which measures the evolution of the greenback compared to its main competitors, was little changed at 97.430 after three days of decline. This indicator has lost 6.6% since Trump announced the “Liberation Day” tariffs on April 2

Australian and New Zealand dollars held steady on Wednesday, as news of a possible trade deal between the United States and Japan allayed the sense of risk but also alleviated some of the uncertainty hanging over the greenback. The New Zealand dollar held steady at $0.6006, after rising nearly 0.6% overnight and moving away from a recent low of $0.5906. The resistance is now around $0.6043

The Chinese yuan hit its highest level in three weeks against the dollar on Wednesday, buoyed by new signs of easing trade tensions between the world's two largest economies and by central bank guidelines that are still stronger than expected.

The onshore yuan hit a high of 7.1602 per dollar, the highest level since July 3, before changing hands at 7.1617 at 03:42 GMT.

Its offshore counterpart followed suit, surpassing 7.16 to the dollar for the first time in nearly three weeks. It increased by 0.14% to 7.1602

The yen was the focus of attention on Wednesday, moving erratically as investors assessed speculations about the future of Japanese Prime Minister Shigeru Ishiba, in the wake of U.S. President Donald Trump's announcement of a trade deal with Japan. The Japanese currency first hit its strongest level since July 11, at 146.20 yen to the dollar, boosted by the news of the trade agreement. But she quickly went into the red after reports that Ishiba was considering resigning next month, following a crushing defeat in the upper house elections