The U.S. dollar rose on Wednesday, giving some relief to the yen and other major currencies after a sharp rally to a seven-week high last week as investors assessed the outlook for U.S. interest rates.

The New Zealand dollar fell to its lowest since Aug. 19 at $0.60705, after the Reserve Bank of New Zealand cut interest rates by 50 basis points and left the door open for more monetary easing, Reuters reported.

The scattered US data schedule during the week provides a pause after last Friday's strong jobs report, which sent the dollar higher and prompted markets to temper their expectations about the scope of upcoming interest rate cuts.

Later Wednesday, the Fed's September meeting minutes will be released, which will show discussions about what appeared at the time to be a deteriorating labor market that ended with all but one policymaker agreeing to a 50 basis point cut.

But strong nonfarm payrolls data released last Thursday prompted markets to reprice expectations of a near-term rate cut by the Federal Reserve.

Recent data showed that investors expect about an 85% chance of a quarter-point rate cut, as well as a small chance that the Federal Reserve will leave rates unchanged.

The dollar index, which measures the greenback against a basket of currencies, rose 0.11 percent to 102.6, not far from Friday's seven-week high of 102.69.

The euro fell 0.07% to $1.0973, while the pound was steady at $1.3099.

The dollar rose 0.19% against the yen to 148.475 yen, after touching a seven-week high of 149.10 yen on Monday.

The yen has been battered since Japan's new Prime Minister Shigeru Ishiba, a critic of easy monetary policy, surprised markets with recent comments that the country was not ready for further interest rate hikes.

Elsewhere, the New Zealand dollar fell 0.5% to $0.61055 as investors assessed the Reserve Bank of New Zealand's monetary policy decision and its clear signal of further interest rate cuts in the coming months.

The Australian dollar rose on news that China's finance ministry is due to hold a news conference on fiscal policy on Saturday, after the currency earlier fell towards a three-week low of $0.6715 hit on Tuesday.

The Australian currency fell 0.31% today to $0.6726.

The Chinese yuan fell in offshore transactions by 0.28% to 7.0550 against the dollar.