The dollar ceded some of its overnight gains on Wednesday while Asian stocks put in a mixed display as traders weighed the odds of a super-sized Federal Reserve interest rate cut later in the day.The U.

The Fed lowered its window for the benchmark policy rate by 50 basis points to 4.75%-5%, where traders had been leaning before the decision. The dollar first fell broadly, hitting a two-and-a-half-year low on sterling, but then recoiled sharply.

The Federal Reserve's 50 bp rate cut has made for a volatile 15 hours or so in the foreign exchange market. Click to read.