The dollar index extends deep loses to hit a fresh 3-year low on Wednesday amid mounting concerns over the economic fallout from potential new U.S. tariffs. President Donald Trump ordered a new investigation into potential tariffs on all critical mineral imports'many of which the U.S. sources from China. The dollar index that measures the greenback against a basket of currencies is quoting at 99.31, down 0.65% on the day. Among basket currencies, EURUSD and GBPUSD are both gaining good momentum at $1.1420 and $1.3278 respectively with euro adding sharp gains of close to 1% on the day. Investors await Fed chair Powell's speech and retail sales data due later in the global day. On the U.S. economic front, the Labor Department released a report showing import prices edged slightly lower in the month of March. The Labor Department said import prices slipped by 0.1 percent in March after rising by a downwardly revised 0.2 percent in February. Meanwhile, the report said export prices were flat in March after climbing by an upwardly revised 0.5 percent in February.

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