Rating agency Standard and Poor's said it did not expect the European Central Bank to switch away from its supportive monetary policy before 2018, despite signs that inflation pressures are beginning to return.
The dollar edged down from a 14-year high against a basket of currencies on Wednesday, with investors cautious about increasing bets on the greenback before getting fresh clues on the U.S. economy and the timing of interest rate rises.
The dollar dipped against the euro and a basket of currencies on Monday, an oil-driven rise in inflation expectations not enough to push on its broader rally as traders worried about the outcome of Wednesday's Federal Reserve policy meeting.
Markets have a bit of an awkward "eye of the storm" feeling to them today as traders continue to digest yesterday's ECB meeting. More to the point, ECB President Mario Draghi emphasized in his press conference that the purchases could be extended further if needed, making this a far more dovish decision than traders had expected.
The euro was back under pressure on Friday after an extension of the European Central Bank's program of money-printing drove its biggest daily loss against the dollar since Britain's vote to leave the European Union in June.