NEW YORK: The US dollar crept higher against a basket of currencies on Wednesday, holding a whisker above a 27-month low hit in the previous session as investors awaited the release of minutes from the Federal Reserve's recent meeting.
The US Federal Reserve's steps to counter the economic effects of the coronavirus pandemic have helped lift riskier assets to all-time highs even as it has reduced demand for safe-havens, battering the US dollar.
The US Dollar Currency Index was 0.1% higher at 92.321. On Tuesday, the index slipped as low as 92.124, its weakest since May, 2018.
While the dollar was on a somewhat firmer footing on Wednesday, investors were far from rushing to buy the US currency.
"The broader motivation for USD selling remains unchanged," said Shaun Osborne, chief FX strategist at Scotiabank in Toronto.
Sterling edged lower after data showed British inflation jumped unexpectedly last month to its highest since March.
The Canadian dollar climbed to its strongest level in nearly seven months against its US counterpart helped by firmer appetite for riskier assets after a record run for stocks on Wall Street.
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