The U.S. dollar pared a sharp earlier drop on Wednesday after U.S. President Donald Trump denied news reports that he is planning to fire Federal Reserve Chair Jerome Powell.

The dollar lost value following news that President Trump told lawmakers he will likely try to oust Federal Reserve Chair Jerome Powell. The U.S. Dollar Index, which measures the greenback against a basket of currencies including the Euro and yen,

President Donald Trump on Tuesday asked Republican lawmakers if he should fire Federal Reserve Chair Jerome Powell, and several people in the room indicated he will do it, CBS News reported, citing multiple sources with direct knowledge.