USD slipped against most of its major counterparts in the European session on Thursday, as investors continued to digest the minutes from the Federal Reserve’s May policy meeting.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged down 0.07% to 101.99.
The minutes from the Fed's May 3-4 gathering, which was released on Wednesday afternoon, revealed that 50-basis-point interest rate hikes at meetings in June and July had a broad consensus among the policymakers. However, they noted that a “restrictive stance of policy” might be needed, depending on the economic outlook.
That slightly relieved investors, who worried that the minutes could signal more aggressive rate increases to quell inflation pressures.
However, growth concerns continued to persist, supporting safe-haven demand.