Dollar rebounds while gold climbs again before Fed update

London: The dollar recovered slightly on Wednesday as traders awaited the US Federal Reserve s outlook on interest rates, while gold reached another r...

London: The dollar recovered slightly on Wednesday as traders awaited the US Federal Reserve's outlook on interest rates, while gold reached another record high as investors seek safety amid an uncertain economic outlook on several fronts.

European stocks were mainly lower ahead of the New York open, with Amazon saying it planned to cut a further 16,000 jobs worldwide -- having already announced 14,000 cuts last October.

The dollar had seen a sell-off Tuesday fuelled by US President Donald Trump's suggestion that he was happy with the currency's recent decline, which saw it fall to a four-year low of $1.20 against the euro.

The greenback has retreated across the board following reports that the New York Federal Reserve had checked in with traders about the yen's exchange rate, fuelling talk of a joint US and Japanese intervention to prop up the yen.

That led to speculation the White House was prepared to let the dollar weaken, and Trump did little to dismiss that when asked Tuesday if he was worried about the decline.