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Forex – Dollar at More Than 1-Week Lows ahead of Fed Minutes

Dollar remains broadly lower vs. other majors in subdued tradeDollar remains broadly lower vs. other majors in subdued trade

Investing.com – The dollar was hovering at more than one-week lows against other major counterparts on Wednesday, as markets awaited the minutes of the Federal Reserve’s latest policy meeting and as doubts over a potential U.S. tax overhaul continued to weigh on the greenback.

Market participants were looking ahead to the minutes of the Fed’s most recent policy meeting due to be released later in the day, for further indications on upcoming rate hikes.

At its September meeting, the Fed had signaled the possibility of a third rate hike this year.

Meanwhile, the greenback remained under pressure as U.S. President Donald Trump’s public feud with Tennessee Senator and fellow Republican Bob Corker sparked concerns over the vote of a major tax-code reform.

EUR/USD gained 0.29% to 1.1843, its highest since September 26, as Spanish political tensions temporarily eased.

Catalan President Carles Puigdemont on Tuesday signed a document proclaiming the region’s independence from Spain, but he also suspended the move for the coming weeks to allow for talks with the Spanish government, averting an immediate crisis.

The Spanish government was scheduled toconvene in Madrid on Wednesday to shore up its response to the Catalan independence movement.

Elsewhere, GBP/USD slipped 0.14% to 1.3185.

The yen and the Swiss franc were higher, with USD/JPY down 0.16% at 112.26 and with USD/CHF shedding 0.24% to 0.9724.

The Australian and New Zealand dollars were steady, with AUD/USD at 0.7778 and with NZD/USD at 0.7070.

Meanwhile, USD/CAD was almost unchanged at 1.2509.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.18% at 92.92 by 10:50 a.m. ET (14:50 GMT), the lowest since September 29.

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