The dollar struggled on Wednesday to lift off a five-month low against major peers, as worries about the U.S. economy simmered, in view of President Donald Trump's unpredictable trade policies. The euro hovered around a five-month peak on increased optimism for an end to the war in Ukraine.

New 25% U.S. tariffs on steel and aluminum take effect Wednesday, likely adding costs to Americans and continuing a stock market sell-off that's seen a nearly 10% drop since a record high last month.