(fxcue news) - The U.S. dollar weakened against other major currencies in the Asian session on Wednesday, as traders speculate for another half-point rate cut in November. Investors await Fed Chair Jerome Powell's remarks on Thursday and U.S. inflation data on Friday for further policy cues. Asian stock markets traded higher, boosted by markets in China, Hong Kong and Taiwan after China's central bank unveiled its biggest stimulus since the pandemic to support the nation's economy, primarily the property sector. Spike in commodity prices also supported the markets. Fed Governor Michelle Bowman said Tuesday that inflationary risks remain, and the Fed should lower interest rates at a "measured" pace. She noted that lowering rates too quickly risks unleashing pent-up demand and cash, which would send inflation upward again. Her comments stand in contrast to commentary from a handful of other policymakers who saw scope for further easing. The currency started falling by a weak consumer confidence report on Tuesday. Data from the Conference Board showed that the consumer confidence index fell to 98.7 in September from an upwardly revised 105.6 in August. Economists had expected the index to edge down to 103.8 from the 103.3 originally reported for the previous month. In the Asian trading today, the U.S. dollar fell to a 1-month low of 1.1199 against the euro and a 2-1/2-year low of 1.3430 against the pound, from yesterday's closing quotes of 1.1180 and 1.3412, respectively. The greenback may test support near 1.13 against the euro and 1.36 against the pound. Against the yen and the Swiss franc, the greenback slipped to a 5-day low of 142.91 and a 1-week low of 0.8415 from Tuesday's closing quotes of 143.21 and 0.8433, respectively. The next possible downside target for the greenback is seen around 138.00 against the yen and 0.82 against the franc. Against Australia, the New Zealand and the Canadian dollars, the greenback slipped to more than a 1-1/2-year low of 0.6909, a 9-month low of 0.6356 and nearly a 7-month low of 1.3420 from Tuesday's closing quotes of 0.6891, 0.6338 and 1.3430, respectively. If the greenback extends its downtrend, it is likely to find support around 0.70 against the aussie, 0.65 against the kiwi and 1.32 against the loonie. Looking ahead, U.S. MBA mortgage approvals data, U.S. new home sales data for August and U.S. EIA crude oil data are slated for release in the New York session.