Forex - Dollar Holds Onto Modest Gains Vs. Other Majors

© Reuters. Dollar remains moderately higher with eyes on Fed minutes, U.S. data

Investing.com - The dollar held onto modest gains against other major currencies in quiet trade on Wednesday, as investors turned their attention to the minutes of the Federal Reserve's latest policy meeting and key U.S. jobs data due later in the week.

Market watchers were looking ahead to the of the Fed’s December meeting, where its raised interest rates, which were due to be released later on Wednesday. Two policymakers voted against the rate hike amid doubts inflation would accelerate as hoped.

The U.S. dollar weakened in 2017 as the global economy gained momentum fueling expectations for tighter monetary policy in other countries, which would lessen the divergence between the Federal Reserve and other central banks.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.11% at 91.66 by 05:15 a.m. ET (09:15 GMT), just off the previous session's four-month low of 91.47.

The euro remained lower, with down 0.17% at 1.2038, while held steady at 1.3588.

The single currency rallied to a four-month high on Tuesday after data showed that the euro area manufacturing sector expanded at a record pace in December bolstered expectations that the European Central Bank will start to scale back its asset purchase program later this year.

ECB board member Benoit Coeure said over the weekend that he saw a "reasonable chance" bond purchases beyond next September.

In the UK, data on Wednesday showed that construction sector activity , missing forecasts.

The yen was almost unchanged, with at 112.27, while added 0.11% to 0.9729.

Elsewhere, the Australian and New Zealand dollars were little changed, with at 0.7835 and with at 0.7104.

Meanwhile, held steady at 1.2519.

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