The past few days have been rough for the dollar. It has weakened against every single G10 currency this week as investors cut bets on how aggressive the Federal Reserve may be when raising interest rates in July.

An uneasy calm settled over financial markets on Wednesday as investors anxiously awaited the latest US inflation data set to be released in the afternoon.

A wave of risk aversion swept across financial markets on Wednesday as mounting concerns over rising interest rates and recession fears whacked global sentiment.