Dollar Hits New 17-month Low Vs. Yen After Fed Minutes

By Joseph AdinolfiMarketWatch Pulse

The dollar fell to another 17-month low against the yen on Wednesday after minutes from the Federal Reserve's March meeting showed officials felt raising interest rates in April wouldn't be appropriate. Initially, a knee-jerk reaction carried the dollar higher after the minutes were released at 2 p.m. Eastern. But the buck soon reversed direction, falling to a new low at 109.4 yen , compared with 109.61 shortly before the minutes were released. The dollar performed slightly better against the euro and the pound. The shared currency traded at $1.1394 after the minutes, down from $1.1416 shortly before, while the pound traded at $1.4105, compared with $1.4120 shortly before.

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