The dollar index fell to below 99.8 on Wednesday, the lowest in seven weeks, holding the sharp decline triggered by intervention on the yen and foreign selling of long-term, dollar denominated fixed-income assets last week. The recent plunge for the yen and JGBs drove the US Treasury and the Japanese counterpart to buy an estimated $88 billion in JPY, with a portion of dollar selling featured in the intervention. The developments were in tandem with pressure from the Fed's latest rate hold. During the presser, Fed Chairman Warsh signaled some reluctance to confirm that a rate hike would be his preferred reaction to higher inflation, leading foreign markets to trim holdings of dollar-denominated assets. In turn, expectations of a Fed hike next month were dimmed by a fresh pullback in key energy prices and a soft ADP employment report.