Investing.com - The dollar dipped against a basket of the other major currencies on Wednesday as investors remained on edge ahead of the summit meeting between U.S. President Donald Trump and Chinese leader Xi Jinping later this week.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was a touch lower at 100.36 by 07.48 GMT.
Investors remained wary amid ahead of the summit between the U.S. and Chinese leaders, which will include discussions on U.S.-China trade and security issues, including North Korea’s arms program.
The greenback also remained under pressure from growing doubts over whether the Trump administration's economic proposals would boost the U.S. economy and allow the Federal Reserve to tighten policy more aggressively.
The Fed was to release the minutes of its March meeting later Wednesday, ahead of Friday’s closely watched U.S. jobs report for last month.
The dollar slid lower against the safe haven yen, with USD/JPY down 0.14% at 110.59, not far from Tuesday’s one-week trough of 110.26.
The euro was fractionally higher, with EUR/USD edging up to 1.0677 after falling to a three-week low of 1.0634 on Tuesday.
Sterling was little changed, with GBP/USD at 1.2441 ahead of survey data on the UK service sector which was expected to show solid growth last month.
Meanwhile, the Australian dollar was higher, with AUD/USD rising 0.2% to 7579, recovering from the three-week lows of 0.7544 set on Tuesday as investors tempered expectations for a rate hike by the country’s central bank this year.
The Reserve Bank of Australia kept interest rates on hold on Tuesday but voiced concerns over surging property prices and weakening labor market conditions.