The euro pushed higher on Thursday as investors awaited the conclusion of the European Central Bank’s policy meeting, while the dollar slipped, giving up gains made after a more hawkish sounding Federal Reserve raised interest rates.

EUR/USD was up 0.20% to 1.1814 by 03:46 AM ET (07:46 AM GMT), as investors awaited details on the ECB’s plans for winding up its huge bond-buying stimulus program. The central bank will also release its latest growth and inflation projections.

The dollar was also lower against the yen, with USD/JPY down 0.34% to 109.98, off a three-week high of 110.83 reached after the Fed’s latest policy statement on Wednesday.

The Fed raised interest rates for the second time this year on Wednesday and struck a more hawkish tone, indicating that it now sees rates rising twice more this year.

The Fed described the U.S. jobs market as “strong” and said economic activity had been rising at “a solid rate”.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.19% to 93.38.

Investors remained cautious as the Trump administration prepared to unveil $50bn worth of tariffs on Chinese goods – a move that Beijing has also warned will be met with retaliatory action.

The pound moved higher against the U.S. currency, with GBP/USD up 0.15% to 1.3396 ahead of the latest UK retail sales figures later in the day.

Elsewhere, the Australian and New Zealand dollars were mixed, with AUD/USD down 0.3% to 0.7557 and NZD/USD edging up 0.11% to 0.7032.

The Australian dollar was pressured lower after data overnight showing that Australian employment rose less-than-expected in May, while the jobless rate ticked down to its lowest since November, a mixed outcome that points to tepid wage growth.