The U.S. dollar edged lower in early European trade Wednesday, struggling for traction ahead of the conclusion of the latest Federal Reserve policy meeting.
At 02:55 ET (06:55 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 102.898, near three-week lows.
GBP/USD edged lower to 1.2608 after soaring 0.8% in the prior session and hitting the highest level since May 11.
EUR/USD fell 0.1% to 1.0787 ahead of the release of the eurozone industrial production data for April, which is expected to show a recovery from the previous month's sharp fall.
This comes a day ahead of the latest European Central Bank meeting, with a quarter-point hike widely expected to be announced.
USD/CNY edged lower to 7.1657, with the yuan remaining near a six-month low after the central bank cut rates on Tuesday, resulting in speculation that more stimulus is on the way as Beijing looks to support the country's sputtering post-COVID economic recovery.
Elsewhere, USD/JPY fell 0.1% to 140.13 ahead of Friday's Bank of Japan meeting, which is expected to result in the central bank keeping its ultra-easy policy settings.
Source: Investing.com
