The dollar and the euro were little changed in rangebound trade on Wednesday as traders awaited a Federal Reserve policy announcement later in the day and looked ahead to Thursday’s European Central Bank meeting.
Oil prices rallied on Thursday to pare some of the prior session's losses, propped up by declining exports by OPEC-member Venezuela.
The euro remained near two-week highs versus majority of its rivals on Thursday, on increasing bets the European Central Bank may announce it will taper its stimulus program by year-end as early as next week at the end of its policy meeting.
Gold prices rose on Thursday, propped up by a weaker dollar amid ongoing worries regarding a trade war between the U.S. and its allies.
The U.S. trade deficit slid to a seven-month low in April as exports climbed to a record high, bolstered by an increase in shipments of industrial materials and soybeans.