The dollar slipped on Thursday after rising in the previous session, with investors on edge at the end of the year as initial optimism over China's reopening fizzled out.
"China is one of the keys I think to 2023 and what happens to the global economy," said Chris Gaffney, president of world markets at TIAA Bank.
"This might also fuel fears of new strains of COVID that could once again disrupt the global recovery." "We very much appear to be in drifting mode, awaiting the turn of the year when traders return and we can get the latest thoughts from policymakers and the most up-to-date data," said Craig Erlam, markets analyst at currency platform Oanda.
"When we go into year-end, typically you can have a lot of volatility on the last days because some of the funds will be harvesting losses or making some moves, and even one fund can start to move the markets when they're this thin," he said.
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