Dollar Steadies Near 11-week High, Fed Policy Path in Focus

U.S. Dollar and Euro banknotes are seen in this illustration taken on July 17, 2022. Dado Ruvic/Reuters

The U.S. dollar was up slightly on Tuesday, close to its highest level in almost three months, while the Australian dollar ran out of steam after rising earlier in the session.

A string of robust U.S. economic data and remarks from Federal Reserve Chair Jerome Powell have quashed speculation of early and steep interest rate cuts and supported the greenback.