The U.S. dollar received a boost from expectations that the Fed will accelerate the pace at which it is tightening monetary policy after New York Fed President William Dudley said overnight that inflation in the U.S.is expected to rise in line with wage gains, dealers said.
Silver fell 0.3 percent to $16.41, having earlier touched $16.37, its weakest since May 12. The Reserve Bank of Australia (RBA) last cut interest rates in August 2016.
The dollar eased against the other major currencies in subdued trade on Wednesday, as investors awaited the release of US housing sector data due later in the day after comments by Federal Reserve officials sparked uncertainty over future interest rate hikes. It has made session high at 1.3285 and lows at 1.3248 levels.
Dudley's comments have the "potential to convince markets that the US economy has been and is continuing to do fine without Trump's stimulus plans", DBS said in a note.
While the dollar index shows relevant strength, the spot gold is looking to break some resistances according to analyst Wang Tao. It has since stood pat, juggling the risks of record household debt, tepid inflation and weak consumer spending.
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The dollar rose to 111.770 yen at one point, reaching its strongest level since May 26.
Australian shares .AXJO climbed 0.5 percent and South Korea's KOSPI .KS11 jumped 0.6 percent.
US passenger auto sales fell 9.8 percent in May from a year earlier.
The S&P 500 index .SPX closed flat, the Dow Jones Industrial Average .DJI ended up 0.1 percent and the Nasdaq .IXIC lost 0.2 percent. Thirty-year bond yields, which are largely driven by future expectations of growth and inflation, meanwhile dropped to 2.72 percent on Wednesday, the lowest since November 9.
The yield curve between five-year notes and 30-year bonds flattened to 96 basis points on Tuesday, the lowest since December 2007.
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PARIS, June 20 The dollar hit a three-week high against a basket of currencies on Tuesday, after an influential Federal Reserve official said US inflation would pick up as wages improved, bolstering bets on the Fed continuing to raise interest rates.
The South Korean won fell as much as 0.5 percent to touch an eight-week low on Tuesday, leading the declines among emerging Asian currencies.
Gold was unable to gain any significant support and continued to test one-month lows in early US trading as the dollar looked to gain ground against European currencies with EUR/USD below 1.1150.
The U.S. crude futures contract for July, due to expire later on Tuesday, settled down 97 cents at $43.23, the lowest since September 16.
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