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Dollar weaker against euro after Fed minutes

The US dollar was slightly weaker against the euro after the Federal Reserve released the minutes of last month's meeting.

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The had previously dollar hit a seven-year high against the yen on Wednesday ahead of Federal Reserve meeting minutes that could shed more light on the divergence in monetary policy between the U.S. central bank and its major global peers.

The yen also weakened to a six-year trough against the euro, after Japanese Prime Minister Shinzo Abe postponed a sales tax hike in a move seen as supportive for stock markets but negative for the currency.

The dollar rose as high as 117.67 yen, its highest level since October 2007, and was last trading at 117.62 yen.

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The Japanese currency was seen leading the move.

The Bank of Japan kept policy unchanged on Wednesday, as expected.

Focus now turns to the Federal Reserve, which will release minutes of its October meeting.

Solid housing data on Wednesday was seen as supportive of the dollar as it reflects the improving U.S. economy.

U.S. housing permits rose to near a 6-1/2-year high in October even as housing starts unexpectedly fell.

—By Reuters

More on foreign exchange.