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The U.S. dollar held firm at the start of Asian trading on Thursday as investors positioned themselves ahead of key interest rate decisions from the European Central Bank (ECB) and the Bank of England (BoE). Both central banks are widely expected to keep rates unchanged later in the global trading day, keeping currency markets relatively stable. The U.S. dollar index, which tracks the greenback against six major currencies, edged up 0.2% to 96.671, hovering near a two-week high as cautious sentiment dominated global markets.
The euro traded flat at $1.1800 ahead of the ECB policy announcement. While no immediate rate changes are anticipated, market participants are closely watching the post-meeting press conference for clues about the future interest rate outlook. Analysts expect the ECB to emphasize heightened economic uncertainty, with some signaling a potential easing bias in the months ahead despite a lack of firm conviction on the timing of any rate cuts.
Sterling was also steady, with the British pound holding at $1.3650 as investors await the Bank of England’s policy decision. Like the ECB, the BoE is expected to remain on hold, reinforcing a cautious stance among major central banks. Meanwhile, the dollar traded at 156.92 yen, remaining stable as Japan approaches a closely watched national election, which has added a layer of political uncertainty to the yen.
The dollar has gained modest strength this week as global equity markets turn risk-averse. The Nasdaq Composite has dropped nearly 3% over the past two days, its sharpest decline since October, driven by volatility in major technology stocks. Concerns were amplified after Alphabet announced aggressive capital expenditure plans, while software stocks faced pressure as they adapt to rapid advances in generative artificial intelligence.
Adding to the cautious tone, Federal Reserve Governor Lisa Cook signaled that inflation remains a bigger concern than labor market weakness, suggesting limited appetite for near-term interest rate cuts. Fed funds futures reflect this view, pricing in a more than 90% probability that the Federal Reserve will keep rates unchanged at its March meeting.
In Asia-Pacific markets, the dollar slipped slightly against the offshore Chinese yuan to 6.9386 following high-level talks between U.S. President Donald Trump and Chinese President Xi Jinping. The Australian and New Zealand dollars edged higher after supportive economic data, while cryptocurrencies stabilized after a sharp selloff, with bitcoin and ether posting modest gains as broader market volatility eased.
