Forex – Dollar little changed vs. other majors – SapForex24

The dollar was little changed against other major currencies on Thursday, but investors remained cautious ahead of a U.S.-China summit scheduled later in the day.

EUR/USD was steady at 1.0663, just off a three-week low of 1.0629.

The greenback came under pressure after the minutes of the Federal Reserve’s March meeting indicated that the central bank would likely begin trimming its $4.5 trillion balance sheet of Treasury and mortgage securities later this year.

While the unwinding had been anticipated by markets, the timing of the move had not been clear.

Investors also remained cautious ahead of the summit between U.S. President Donald Trump and Chinese President Xi Jinping later Thursday, which will include discussions on U.S.-China trade and security issues, including North Korea’s arms program.

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Trump has repeatedly criticized China’s economic policies and pledged to label China a currency manipulator on the first day of his administration, but so far he has not.

Meanwhile, European Central Bank President Mario Draghi said on Thursday that the bank is not planning to reassess its current monetary policy of low interest rates and bond buying.

Draghi reiterated that the current monetary policy stance was still appropriate and the bank needed to see more signs that inflation was approaching its target before making any policy changes.

Elsewhere, GBP/USD was little changed at 1.2474.

USD/JPY held steady at 110.74, while USD/CHF was almost unchanged at 1.0048.

The Australian dollar was weaker, with AUD/USD down 0.24% at 0.7553, while NZD/USD edged up 0.09% to 0.6971.

Meanwhile, USD/CAD added 0.10% to 1.3446.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.09% at 100.50, not far from Wednesday’s three-week high of 100.99.

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