The dollar index retreated on Wednesday, alleviating pressure for yen as the spiked worries of Tokyo currency intervention limited more dips in the Japanese Yen.

Financial markets anticipate a rate cut in June, but Federal Reserve officials, including Chair Jerome Powell, stressed in statements on Wednesday that additional discussion and evidence are needed before making such a move.

The greenback this week was close to peaks not witnessed since November during this week amid slew of US economic figures.

Traders’ predictions hover around 70 basis points interest rates trim lower than central bank’s outlook, with the beginning of dovish stance in July.

The dollar index that gauges the greenback versus its major pairs slumped by 0.496% at 104.25, having dipped during the day on muted yen.

EUR/USD advanced 0.6% at $1.0834.

GBP/USD edged up 0.58% at $1.2652.

The yen traded at 151.665 per dollar, rebounding a bit from the previous week’s drop 34-year lows.