The U.S. dollar rose against a basket of major currencies on Wednesday on expectations that Federal Reserve policy meeting minutes will support a trend of higher U.S. yields, while the euro held within recent ranges on optimism over Greece. The dollar and the euro hit their highest levels against the Swiss franc since the Swiss National Bank scrapped its 1.20 francs per euro cap on Jan. 15. Analysts cited persistent speculation that the SNB was intervening to weaken the franc. The dollar was flat against the yen, however, at 119.225 yen. Analysts cited the Bank of Japan's confirmation that it saw no need to print more money to stimulate its economy. U.S. stocks ended marginally lower on Wednesday, as investors wrestled with interpreting minutes from the Federal Reserve's latest policy meeting.
Sterling hit a seven-year high against the euro on Wednesday after data showed British wages growing strongly, outstripping inflation by the widest margin since before the financial crisis.
Gold rose on Wednesday, rebounding above a six-week low after minutes from the Federal Reserve's latest meeting showed policymakers were concerned about raising interest rates too soon. Earlier, gold prices had extended the prior day's steep losses as hopes for a resolution to Greece's debt talks sent European stocks to a seven-year high.