Ahead of the release of the FOMC meeting minutes today, the US dollar is trading steady against its major peers after edging higher during the previous trading session. At the time of writing, the US dollar index DXY is trading at around 97.89.

Diminishing hopes of the US and China signing the “phase one” trade deal anytime soon are fading fast amid rising uncertainties on the issue of tariff rollbacks. Following news reports about China’s hesitation to sign a trade deal unless the US agrees on the phased rollback of tariffs, US President Trump threatened that tariff hikes will be implemented unless China agrees to sign the deal.

Looks like both sides have reached an impasse, causing confusion in the markets, which has driven the US dollar to trade steady after losing around 0.6% of its value over the previous three trading sessions. The US dollar remained supported, however, over optimistic economic data releases revealing a better outlook for the US economy.

Traders now turn their attention to the FOMC minutes from the Fed’s latest policy meeting held last month for clues on the central bank’s expectations for the US economy in the near future. At its October meeting, the Fed had cut interest rates by 0.25% for the third time this year, but had signaled its intention to pause additional rate cuts for some time to come.