The dollar, on Wednesday, October 11, remained below a recent 10-week peak against major currencies, following speculations that President Donald Trump’s tax overhaul plan would stall.
The dollar index against a basket of six major currencies was steady at 93.282 on Wednesday, having come back from a 10-week peak of 94.267 on Friday.
President Trump’s public feud with Tennessee Senator Bob Corker, an influential fellow Republican, has raised concern that his push for a tax-code overhaul could be harmed.
The dollar was effectively unchanged at 112.470 yen after slipping to as low as 111.990 overnight.
Stronger than expected U.S. wages had helped the greenback rise to a three-month high of 113.440 yen on Friday, but the latest flare up in tensions with North Korea reduced the gains.
Investors were awaiting the release of minutes of the September Federal Reserve policy meeting later in the session. The Fed had signaled at the meeting that it may raise interest rates for a third time this year even with inflation staying below its 2 percent goal.
But with the Fed funds futures almost fully pricing in the likelihood of a rate hike in December and the recent spike in Treasury yields losing momentum, analysts said fresh factors could be needed for the dollar to renew its advance.
The Australian dollar was steady at $0.7781 after rising to $0.7810 earlier on an upbeat domestic consumer confidence reading.
The New Zealand dollar was 0.1 percent higher at $0.7077 after a brief foray to $0.7099. The kiwi remained in reach of a four-month low of $0.7052 struck on Monday after a final vote count in the country’s tight general election failed to identify a clear winner.
