Investing.com - The dollar remained moderately lower against other major currencies on Friday, as ongoing uncertainty over the fate of a major U.S. tax reform plan and concerns over an investigation into Donald Trump's presidential campaign weighed.
The U.S. House of Representatives on Thursday approved a broad package of tax cuts, which will now be debated by the Senate.
Investors were still cautious however, as the Republican majority is smaller in the Senate and no decisive action is expected until after next week's Thanksgiving holiday.
The greenback also remained under pressure following reports that U.S. President Donald Trump's election campaign had been subpoenaed for documents in an ongoing investigation relating to possible Russian interference in the 2016 presidential election.
The Wall Street Journal reported on Thursday that Special Counsel Robert Mueller issued a subpoena to more than a dozen officials.
Robert Mueller is currently heading an investigation into attempts by the Russian government to meddle in the 2016 election and potential collusion with Donald Trump's presidential campaign.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.26% at 93.60 by 05:15 a.m. ET (09:15 GMT), not far from Wednesday's three-week lows of 93.31.
EUR/USD was up 0.21% to 1.1795, while GBP/USD gained 0.42% to trade at 1.3249.
In a speech Friday morning, European Central Bank President Mario Draghi said the central bank needs to be "patient" when normalizing monetary policy.
Draghi also said that the ECB's bond purchasing program could continue beyond September 2018 "if necessary, and in any case until we see a sustained adjustment in the path of inflation."
The remarks came a day after official data showed that euro zone consumer prices rose at an annual rate of 1.4% in October, down from 1.5% in September and still below the ECB's target of close to 2%.
Elsewhere, USD/JPY declined 0.44% to trade at 112.55, while USD/CHF slipped 0.26% to 0.9914.
The Australian and New Zealand dollars were weaker, with AUD/USD down 0.45% at 0.7554 and with NZD/USD retreating 0.79% to 0.6794.
Meanwhile, USD/CAD held steady at 1.2756 as markets were eyeing the release of Canadian inflation data.
Investors were also looking ahead to reports on U.S. building permits and housing starts set to be released later Friday.