Investing.com - The dollar remained moderately lower against the other major currencies on Thursday, although the greenback remained supported by expectations for an upcoming U.S. rate hike and as investors awaited the release of U.S. data later in the day.
EUR/USD gained 0.30% to 1.0623.
The dollar strengthened broadly on Wednesday after the Organization of the Petroleum Exporting Countries reached an agreement on an oil output cut aimed at tackling global oversupply and shoring up prices.
Expectations for higher oil prices added to U.S. inflation expectations, which have already been boosted by prospects for increased fiscal spending under the Trump administration.
Demand for the dollar was also boosted after upbeat U.S. economic reports supported the case for higher interest rates.
Elsewhere, GBP/USD rose 0.24% to trade at 1.2536 even as research group Markit said its U.K. manufacturing purchasing managers’ index fell to 53.4 last month from a reading of 54.2 in October.
Analysts had expected the index to increase to 54.5 in November.
USD/JPY slipped 0.17% to 114.25, while USD/CHF shed 0.25% to 1.0141.
The Australian dollar was stronger, with AUD/USD up 0.16% at 0.7394, while NZD/USD held steady at 0.7080.
Meanwhile, USD/CAD slipped 0.15% to trade at 1.3412.
Elsewhere, official data showed on Thursday that China’s official manufacturing purchasing managers’ index rose to 51.7 in November from 51.2 the previous month.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.29% at 101.33, still close to recent 14-year highs of 102.12.