The greenback dipped on Wednesday as the yen spiked on projections that Japan's extremely loose monetary policy is about to halt, on the other hand the euro and the pound ticked up also.

The dollar index slumped by 0.35% at 103.14, giving up the earlier raise experienced during the earlier two consecutive days at 0.26%.

It is up about 1.8% this year as the market has tempered its predictions for swift Fed cuts this year due to better-than-expected figures and retractions from central officials.

EUR/USD ticked up by 0.36% at $1.0893 post dipping at 0.27% on Tuesday.

It continued to rise following PMI surveys that indicated the slowdown in the euro zone economy in January had somewhat cooled.

GBP/USD edged up by 0.39% at $1.2735, the pound soared as traders lowered their bets on the BOE cutting rates this year due to solid PMI figures.

USD/JPY dipped 0.69% at 147.36 yen.