The US dollar was nearly flat in choppy trading on Thursday after the release of the latest Federal Reserve minutes.

When the details of the central bank's December policy meeting were made public on Wednesday, it was clear that policymakers were still committed to reducing inflation and had no plans to lower interest rates until 2023. Analysts claimed that the minutes were generally in line with expectations, which explains the markets' rather subdued response.

At USD1.061, the euro was last up 0.05% against the dollar. It increased 0.54% on Wednesday as optimism in the eurozone economy increased as French inflation came in lower than anticipated. In December, Fed officials predicted that the main interest rate, which is presently between 4.25% and 4.50%, would increase to slightly over 5% in 2023 and likely stay there for a while.

By stating that "no participants anticipated that it would be prudent to begin decreasing the federal funds rate target in 2023," the latest minutes confirmed the hawkish message from Wednesday. The dollar index, which compares the value of the dollar to those of its main competitors, last advanced 0.06% on Thursday to 104.27.

Economic data would determine whether the Federal Reserve keeps to its intentions to raise interest rates, said Foley, who also said that the dollar was likely under pressure due to better expectations for the euro zone and China. 

The latest US. monthly employment figures, for December, are due on Friday. Japan's yen was up 0.07% at 132.55 per dollar, after falling 1.23% on Wednesday. After rising 0.76% on Wednesday, the value of the pound fell by 0.3% to $1.202. Despite an increase in COVID-19 cases, the onshore yuan increased by more than 0.3% to 6.872 per dollar as China's loosening policies continued to support the currency.

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