Forex - Dollar Edges Higher But Remains Close to 1-Month Trough

The dollar edged higher against other major currencies on Friday, but remained within close distance of a one-month trough as the minutes of the Federal Reserve's latest policy meeting continued to dampen demand for the greenback.

Trade volumes were expected to remain thin with U.S. markets openfor only half a day on Friday after the Thanksgiving holiday on Thursday.

The greenback came under broad selling pressure after the minutes of the Fed's most recent meeting showed that some policymakers remain concerned over persistently low inflation.

The report also showed that the Fed expects to raise interest rates in the "near term", adding to expectations for a December rate hike.

However, the central bank added that economic data will determine the timing of future rate hikes, which could mean a slower pace than expected for 2018.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.10% at 93.13 by 02:15 a.m. ET (06:15 GMT), off the previous session's one-month low of 93.00.

EUR/USD held steady at 1.1844, while GBP/USD eased 0.09% to trade at 1.3294.

Elsewhere, the yen was lower with USD/JPY up 0.24% to 111.49, while USD/CHF held steady at 0.9826.

The Australian dollar was little changed, with AUD/USD at 0.7619, while NZD/USD shed 0.22% to 0.6874.