The dollar remained on the back foot on Thursday, weighed down by a combination of expectations for even more monetary easing by the Federal Reserve and very low U.S. yields.

The U.S. dollar index was down 0.27% at 97.04 by 04:53 AM ET (953GMT). The index has shed most of its gains for the year over the last few days, as expectations grew that the Fed would cut rates again in order to stave off the economic fallout from the spreading coronavirus outbreak.

The Fed delivered a 50-basis point emergency rate cut on Tuesday, with many traders expecting at least two more such moves in coming months.

The dollar hit fresh five-month lows against the yen at 106.97, while the euro was  higher against the greenback at 1.1170, not far from a two month high reached earlier in the week.

The pound was last at 1.2906 against the dollar and traded at 0.8641 against the euro.

Source: Investing.com