The Dollar maintained losses on Thursday following the Fed publishing minutes of their November meeting on Wednesday.

The minutes bolstered the view that the Federal Reserve would slow down the pace of future rate hikes, with a 50-basis point rise likely for December following four straight months of 75-basis point hikes.

“The Fed will be happy to move rates by 50 basis points in December and 25 basis points from the first meeting next year,” said Nordea chief analyst, Niels Christensen who added that the central bank will still feel the need to take further action to curtail inflation.

“As long as the Fed see a stronger labour market, they don't have a big concern about tightening,” Christensen said.

There was little change to the Dollar index – measuring the currency against six major rivals – which stood at 105.93 at the time of writing, after falling 1.1% on Wednesday.

The Fed increased rates to levels not seen in 14 years, but the moderately cooler-than-forecast U.S. consumer price data has fuelled forecasts of more moderate future hikes, Reuters reports.

This month, the Dollar index has fallen 5.1%, placing it on course for its worst monthly performance in 12 years.

“There are not that many Dollar buyers around these days after the correction higher in Euro-Dollar in the first half of November,” Christensen went on to say.

Elsewhere, all eyes are now turning to the accounts of the European Central Bank’s November meeting on Thursday, the Reuters report adds. The single currency rose 0.2% to $1.0415, whilst the Pound edged up 0.3% to $1.2086. Sterling increased 1.4% on Wednesday, as UK economic activity data surpassed forecasts, although still revealed a contraction was in progress.