Dollar gets safe-haven boost ahead of Fed decision

Against the dollar, the euro dipped 0.07% to $1.1705 while sterling slipped 0.05% to $1.3513, as both currencies edged further away from their highs earlier this month.

The euro is around 1% below where ​it was at the end of February when the war broke out, while the pound is roughly unchanged.

The Fed's rate decision will later take centre stage. The ​central bank is widely expected to keep rates on hold, leaving the focus on policymakers' assessment of the war's impact on the economy ⁠and on Powell's future.

"The question is what Powell is going to do, because he still holds the governor seat until 2028 - so whether he chooses to resign after the expiry of ​the Chair term or if he stays on as a governor and as sort of a shadow Chair," said Carol Kong, a currency strategist at Commonwealth Bank of Australia.