Reuters

The dollar fell on Wednesday after the release of minutes from the Federal Reserve’s July meeting that showed the policymakers had grown increasingly worried about weak U.S. inflation readings, suggesting that the Fed may hold off on raising interest rates.

Wall Street edged higher on Wednesday but closed well off session highs and the dollar fell on the latest turmoil in Washington and U.S. Federal Reserve meeting minutes that showed worries about low inflation.

Federal Reserve policymakers appeared increasingly wary about recent weak inflation and some called for a halt to further interest rate hikes until it was clear the trend was transitory, according to the minutes of the central bank’s last policy meeting.

The euro held near the day’s lows on Wednesday after sources signaled European Central Bank chief Mario Draghi would not use his Jackson Hole appearance to signal policy change by the bank.

Oil prices edged up on Wednesday, lifted by declining U.S. crude inventories, although markets were still restrained by excess supply.

Gold fell on Wednesday for the third straight day as the dollar edged higher on the back of robust U.S. economic data and an easing in tensions over North Korea.

The economy in the 19 countries sharing the euro currency expanded by more than previously forecast in the second quarter compared to the same quarter in 2016, the European Union’s statistics office Eurostat said on Wednesday.

Britain’s labor market outperformed tepid growth in the rest of the economy in the second quarter as the unemployment rate unexpectedly fell to its lowest since 1975, official data showed on Wednesday.

European Central Bank President Mario Draghi will not deliver a new policy message at the U.S. Federal Reserve’s Jackson Hole conference, two sources familiar with the situation said, tempering expectations for the bank to start charting the course out of stimulus.

Gold prices firmed early on Wednesday as the dollar weakened slightly, with investors waiting for the release of minutes from the U.S. Federal Reserve’s last meeting in July for clues on the pace of potential interest rate hikes.