The US dollar edged down near multi-month lows against a basket of major currencies on Wednesday, as US Treasury yields fell from their recent highs and investors awaited the minutes of the latest Federal Reserve meeting for cues on the trajectory of interest rates.
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The euro rose slightly to $1.1577, remaining close to its two-month high reached earlier in the week.
The British pound held steady at $1.3533, keeping near a 3-month high ahead of UK inflation data due later on Wednesday.
The Japanese yen stabilized at 159.56 per dollar, relinquishing much of its intervention-driven gains but remaining well clear of its multi-decade low of around 164 yen per dollar.
The US Dollar Index, which measures the greenback against six major peers, dipped slightly to 99.65.
The sell-off in US Treasuries appeared to pause during a week lacking major economic data or other clear catalysts. Benchmark 10-year Treasury yields eased to 4.702%, while 30-year yields fell to 5.282%.
Market focus now turns to the minutes of the Federal Reserve's Federal Open Market Committee (FOMC) meeting, scheduled for release later today, for insights into monetary policy and interest rate paths.
"If the Federal Reserve does not deliver interest rate hikes... the scope for bond yields to rise further is likely to be very limited," said Harvinder Kalirai, senior fixed income and FX strategist at Alpine Macro, during a client webinar.
Reuters
