Dollar gains as Powell pushes back on jumbo rate-cut bets

The dollar strengthened on Tuesday after Federal Reserve Chair Jerome Powell dismissed speculation about significant interest rate cuts.

The yen stabilized around the midpoint of its range against the dollar over the past month, following two volatile days as traders assessed Japan's new prime minister and his cabinet.

The Australian dollar approached Monday's high after positive domestic retail sales data, while the euro faced a third consecutive loss due to inflation figures that increased the likelihood of a rate cut this month.