Futures markets are also expecting a rate cut. Investors peg the chances of a quarter-point interest rate cut at nearly 96%, according to the CME FedWatch Tool, a measure of market sentiment.

The dollar slipped for a second straight session on Wednesday, a day after a U.S. inflation reading increased expectations of a Federal Reserve rate cut next month and renewed pressure from President Donald Trump for lower rates added to the sell-off.

Tom Barkin, president of Federal Reserve Bank of Richmond, told a Greenville Chamber group the next rate-cut decision is uncertain with cooling economy.