Investing.com-- Most Asian currencies kept to a tight range on Wednesday, while the dollar steadied near six-week highs as markets awaited more cues on when the Federal Reserve could begin trimming interest rates.

Broader Asian currencies kept to a tight range amid persistent concerns over higher-for-longer U.S. rates. Most regional units had clocked steep losses over the past week as traders began pricing out bets on a March 2024 rate cut.

The report fueled optimism that the government will roll out more support for the economy. But broader sentiment towards China remained muted amid persistent concerns over a sluggish post-COVID economic recovery.

Concerns over China kept most Asian currencies under pressure, particularly those with trade exposure to the country.

Dollar steadies near 6-week high with econ. data, Fed meeting on tap

The greenback marked a strong start to 2024 as strong inflation and labor market data saw traders largely scale back expectations for early interest rate cuts by the Fed.

This notion was exacerbated by a series of hawkish comments from Fed officials over the past week.

But the Fed is still expected to eventually begin trimming rates this year, which will keep traders watching for any such cues from the meeting.