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The dollar was mixed Wednesday morning in New York, extending its recent losses against the sterling while pushing higher versus the loonie.
Traders await the release of the Fed's Beige Book, a summary of anecdotal information on current economic conditions.
Fed officials Daniel Tarullo, Jeffrey Lacker and Eric Rosengren are all scheduled to make comments that may provide additional drivers for the markets on the day.
The dollar held its ground versus the euro, falling no further than yesterday's yearly low of 1.4993. Earlier this year the dollar rose to near 1.2500, but has since plunged on increased risk appetite and expectations the interest rate gap between the US and euro area will widen.
The dollar continued to give up significant ground versus the sterling, slipping to 1.6590. With the retreat, the dollar has moved well away from a 5-month high near 1.5700 set earlier in October.
On the flip side, the dollar accelerated to the upside versus the loonie, rising to C$1.0575 after the Bank of Canada said Tuesday it expects to keep interest rates on hold until the second quarter of 2010. A week ago, the buck was at a yearly low near C$1.0200.
The dollar remained above the 90 yen mark, consolidating its efforts to stabilize after testing a 1995 low of 87.08 earlier this month.
In economic news from overseas, the Monetary Policy Committee of the Bank of England unanimously voted to hold the interest rate at 0.5% and to continue the asset purchase programme totaling GBP 175 billion, the minutes of the meeting showed Wednesday. The meeting was held on October 7 and 8.
Also, Bank of Japan Deputy Governor Kiyohiko Nishimura hinted that the central bank may end its corporate funding programmes on December 31, when they expire.
Looking ahead, the Labor Department is due to release its customary jobless claims report for the week ended October 17 Thursday morning. Economists expect a slight rise in claims to 517,000.
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