Nickel prices steadied on Wednesday as dollar held its ground as well against most major rivals following remarks by Fed Char Powell.
Powell noted that the US payrolls report was way better than expected for January.
He made clear the message of the last Fed policy meeting is that inflation has indeed slowed down but the road remains long.
Fed chair believes the central bank might need more rate hikes to bring things under total control.
The Fed decided last Wednesday to raise interest rates by 25 basis points to 4.75%.
The Fed decided to slow down the pace of rate hikes as inflation tapers off in the US.
Otherwise, the dollar index was mostly flat at 103.4 as of 15:47 GMT, with a session-high at 103.4, and a low at 103.
Nickel spot prices stabilized at $26.8 thousand a tonne as of 15:59 GMT.