The US Dollar held steady on Wednesday as investors focused on Federal Reserve rhetoric, US economic indicators and corporate earnings for indications on interest rates.

The Dollar index – measuring the currency against six major rivals – edged up 0.09% to 101.81 in Asian trading, following a 0.36% decline on Tuesday that reversed the 0.54% rally from the previous session. At the end of last week, the index fell to a one-year low of 100.78.

US two-year Treasury yields came close to a one-month top overnight of 4.231%, whilst Dollar/Yen, which typically tracks US yields, rose 0.19% to 134.35 Yen per Dollar, from Tuesday's 0.29% dip.

In regard to Fed rate hikes, St. Louis Fed chief James Bullard favours further tightening of 75 basis points, Reuters reports. Yet Atlanta Fed President Raphael Bostic told CNBC he forecasts just one more 25 basis point (bps) rise followed by a pause.

"The market is pretty much resigned to a 25-bps hike at the May meeting, so it's more the ebb and flow of expectations about rate cuts this year that's causing US bond market volatility," according to National Australia Bank's head of foreign exchange, Ray Attrill.

"It's the volatility in the bond market that's driving the dollar, not the other way round."

In addition, the fall in the Dollar on Tuesday was also triggered by a reduction in demand for its safety following "blockbuster" economic growth in China, which subsequently bolstered the Australian Dollar.

At the time of writing, the Aussie was trading flat at $0.6730, following a 0.41% rally on Tuesday.

Elsewhere, the Pound fell slightly to $1.2420 following a 0.38% gain on Tuesday, whilst the Euro edged down to $1.0967 after Tuesday's 0.42% increase, the Reuters report adds.

Furthermore, South Africa's Rand held steady in early Wednesday trade, ahead of retail sales and consumer inflation data due to be published on the day. The Rand stood at 18.1800 against the Dollar at the time of writing, not too far away from Tuesday's close of 18.1650.