The dollar edged lower in early European trade Wednesday in calm trading ahead of next week’s Federal Reserve meeting, while the U.K. budget places sterling in focus.

Gold was down on Tuesday morning in Asia. The dollar, which usually moves inversely to gold, inched up 0.07% on Tuesday, recovering from a near one-month trough hit during the previous session.

The dollar was heading for a second week of declines on Friday as sentiment stayed tilted towards riskier assets, while an intervention by the Australian central bank put a halt to the Aussie dollar’s recent surge.

The dollar was consolidating at lower levels in early trade in Europe on Thursday, after the revival of some concerns over China’s real estate crisis interrupted the momentum of higher-yielding currencies.

The dollar consolidated at lower levels in early trade in Europe on Wednesday, after a sharp two-day drop driven by signs of weakening economic activity in the U.S. By 3 AM ET (0700 GMT), the dollar index that measures the greenback against a handful of advanced economic currencies was at 93.765, effectively unchanged from late Tuesday but down over half a percent since the end of last week.

The dollar was down on Tuesday morning in Asia, remaining near the bottom of its recent range. Weaker-than-expected U.S. factory data and increasing bets that monetary policy will normalize faster in other countries also contributed to the U.S. currency’s losses.

The dollar was down on Friday morning in Asia, set for its first weekly decline since the start of September.

The dollar edged down against major peers on Thursday, reaching its lowest level in 10 days in a pullback from its recent rally, while the Australian and New Zealand dollars rose. Expectations that the U.S.

The dollar eased back from a one-year high versus major peers on Wednesday ahead of U.S. consumer price data that could provide additional clues on when the Federal Reserve will taper stimulus and raise interest rates.