The dollar moved lower Wednesday ahead of a hotly anticipated meeting of European Central Bank policy makers after hitting a nine-day high against the Japanese yen early in the session.
The buck traded at ¥119.91 late Wednesday in New York, little changed from its late-Tuesday level. Early in Wednesday’s session, the dollar traded as high as ¥120.10, its highest level since Oct. 12.
The euro traded at $1.1342 late Wednesday, little-changed from late Tuesday. The British pound edged lower to $1.5419, from $1.5445.
Investors are hoping ECB President Mario Draghi will provide more concrete details about the central bank’s plan to expand its quantitative easing measures – something he hinted at after the ECB’s September meeting, and during a speech before the European Parliament.
Some believe that investors are expecting too much from Draghi.
The ICE U.S. Dollar index a measure of the dollar’s strength against a basket of six currencies, was up 0.1% to 95.0480.