Derek Halpenny, an analyst at Mitsubishi UFJ, said in a note that Federal Reserve Chairperson Jerome Powell may signal future rate cuts at Wednesday's meeting, but any dollar decline is likely to be limited against the backdrop of the Israel-Iran conflict. He said the overall tone of Powell's speech could be interpreted as "dovish", implying a rate cut, given weaker-than-expected data on the job market and inflation. That could lead to a slight uptick in expectations for a rate cut beyond September. However, the willingness to sell the dollar could wane for a while until the outlook for the Israel-Iran conflict becomes clearer.