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Originally published Wednesday, August 22, 2012 at 10:45 AM

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Dollar falls after Fed minutes

The dollar fell sharply against most major currencies Wednesday after minutes from the Federal Reserve's latest meeting showed that officials considered additional steps to help the U.S. economy.

The Associated Press

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NEW YORK —

The dollar fell sharply against most major currencies Wednesday after minutes from the Federal Reserve's latest meeting showed that officials considered additional steps to help the U.S. economy.

Many Fed members said that aid would be needed "fairly soon" if the economy doesn't improve. The minutes are from the central bank's two-day policy meeting that ended Aug. 1.

The euro rose to $1.2530 in late trading Wednesday from $1.2467 late Tuesday. The euro jumped as high as $1.2538 after the minutes were released, its highest against the dollar since July 5.

Some currency analysts believe the Fed could announce another round of bond purchases in September. The Fed has already launched two rounds of bond purchases, most recently in August 2010. Those purchases can push interest rates lower and weaken the dollar, which is why traders sold the U.S. currency Wednesday.

The British pound rose to $1.5869 from $1.5779. The dollar fell to 78.44 Japanese yen from 79.25 yen and to 0.9586 Swiss franc from 0.9634 Swiss franc.

The dollar rose to 99.08 Canadian cents from 98.90 Canadian cents.

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