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The US dollar gained slightly on the euro Wednesday morning in New York, putting it on track to its first monthly gain versus the euro this year.

The greenback was helped by the possibility that an expected rate cut from the Federal Reserve today will be the last cut for the time being.

At just past 11 a.m. in New York, the dollar traded at $1.5563 to the euro while it had also gained in relation to the yen, to ¥104.4950.

The yen was weaker on the session as the Bank of Japan held interest rates at 0.5 percent and gains in US equities markets increased investor interest in carry trades financed by the low-yielding yen.

The yen traded at ¥162.6255 to the euro, while its biggest declines were in relation to the Brazilian real and the Canadian dollar, to ¥61.598 and ¥103.3683 respectively.

The South African rand gained in relation to all major currencies on the session and had its biggest monthly gain in four years in April on speculation that the reserve bank there will hike interest rates when it meets next, up from a five-year high of 11.5 percent currently.

Also helping the rand was a reduction in South Africa’s trade deficit, which dropped from R5.8 billion in February to R5 billion in March on high prices for gold and platinum.

In late morning trade in New York, the rand traded at $7.5775 to the US dollar and at R11.794 versus the euro, while a rand was worth ¥13.808.

The Canadian dollar also strengthened in relation to all major currencies, mainly on the chance that US interest rate cuts are about to end.

It took 98.92 cents US to buy a Canadian dollar at late morning in New York.