The U.S. dollar slipped against its major opponents in the Asian session on Thursday, as minutes from the Fed's July meeting showed that officials were more worried about inflation, with the members divided over the timing of a future interest rate hike amid inflation risks. The minutes indicated that some members want to be "patient" on raising interest rates on caution about "the recent decline in inflation" and said the Fed "could afford to be patient under current circumstances."

Many senior officials saw a greater likelihood that "inflation might remain below 2% for longer than they currently expected" and risks to the inflation outlook could be tilted to the downside.

Those members argue that the Fed may hold off its next rate hike "until incoming information confirmed that the recent low readings on inflation were not likely to persist."

Meanwhile, the minutes indicated that the Fed remains on track to unwind its $4.5 trillion balance sheet at an "upcoming" meeting.

The currency was lower on Wednesday amid political turmoil in Washington and receding Fed rate hike expectations after the release of minutes.

The greenback declined to a 2-day low of 1.2909 against the pound, compared to 1.2890 hit late New York Wednesday. If the greenback slides further, 1.31 is possibly seen as its next support level.

The greenback hovered at a 2-day low of 1.1790 against the euro, down from Wednesday's closing value of 1.1766. Continuation of the greenback's downtrend may see it challenging support around the 1.19 region.

The greenback that closed Wednesday's trading at 0.9658 against the franc fell to a 3-day low of 0.9638. On the downside, the greenback may challenge support around the 0.94 mark.

The greenback slid to a weekly low of 0.7335 against the kiwi, near 2-week lows of 1.2601 against the loonie and 0.7950 against the aussie, off its early highs of 0.7303, 1.2634 and 0.7917, respectively. The next possible support for the greenback may be seen around 0.74 against the kiwi, 1.25 against the loonie and 0.80 against the aussie.

The greenback weakened to a 2-day low of 109.67 against its Japanese counterpart and held steady thereafter. The greenback is poised to challenge support around the 108.00 level.

Data from the Ministry of Finance showed that Japan logged a merchandise trade surplus of 418.8 billion yen in July.

That topped forecasts for a surplus of 327.1 billion yen but was down from 439.8 billion yen in June.

Looking ahead, U.K. retail sales for July, Eurozone trade data for June and final consumer prices for July as well as the ECB minutes of the July 19-20 monetary policy meeting are due in the European session.

In the New York session, U.S. weekly jobless claims for the week ended August 12, industrial production and leading indicators for July as well as Canada manufacturing sales for June are set for release.

Dallas Fed President Robert Kaplan speaks at the "Dialogue with the Dallas Fed" event hosted by the Lubbock Chamber of Commerce in Texas at 1:00 pm ET.

Minneapolis Fed President Neel Kashkari speaks at an event hosted by the Edina Rotary Club in Minnesota at 1:45 pm ET.

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