The dollar was on the back foot on Thursday after the Federal Reserve delivered what some expected to be its last rate hike, while market focus shifted across the Atlantic to the European Central Bank's (ECB) rate decision later in the day.
"The ECB looks all but certain to hike the deposit rate by 25 bps... This should not surprise market as it has been largely telegraphed," said Nadia Gharbi, senior economist at Pictet Wealth Management.Elsewhere, the Japanese yen remained under pressure and fell more than 0.1% to 140.43 per dollar ahead of the Bank of Japan's monetary policy decision on Friday, where it is seen maintaining its ultra-loose policy stance.
BOJ Governor Kazuo Ueda was quoted as saying at a key government meeting on Wednesday that the central bankThe kiwi rose 0.27% to $0.6226, while the Australian dollar gained 0.14% to $0.6769.inflation reading lessened the pressure for another rate hike by the Reserve Bank of Australia. The offshore yuan edged slightly higher to 7.1433 per dollar, though was searching for direction as markets were left feeling mixed after China's leadership pledged at a key Communist Party meeting this week to support the economy, but offered very little detail on specific measures.
"The second-largest economy is underperforming," said Jarrod Kerr, chief economist at Kiwibank. "China's in a position where they probably need a little bit more stimulus to keep things going."
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