The US Federal Reserve meeting minutes showed that the US monetary policy that includes near zero interest rates and asset purchases will remain unchanged from previous meetings for some time.

The minutes indicated that despite some signs of improvement in the US economy, and Fed officials believe that the economy needs further progress and growth before any decisions are taken to change monetary policy.

The Fed members stated that the $120 billion monthly bond purchase program is providing a boost to the US economy, and will be kept unchanged for sometime.

The Federal Reserve decided during that meeting to hold interest rates between zero and 0.25% unchanged, and raised its forecast for US GDP growth by 6.5% in 2021 from 4.2% in December.

The US dollar rose against most of its peers on Wednesday after holding earlier following the release of the Federal Reserve meeting minutes.

The Federal Reserve meeting minutes showed that the US monetary policy that includes near zero interest rates and asset purchases will remain unchanged from previous meetings for some time.

The minutes indicated that despite some signs of improvement in the US economy, and Fed officials believe that the economy needs further progress and growth before any decisions are taken to change monetary policy.

The Federal Reserve decided during that meeting to hold interest rates between zero and 0.25% unchanged, and raised its forecast for US GDP growth by 6.5% in 2021 from 4.2% in December.

The dollar index rose against a basket of currencies by 0.1% to 92.4 points as of 19:04 GMT, after it hit a high of 92.4 points and a low of 92.2 points.

The Canadian dollar fell against most of its peers on Wednesday, as oil prices fell, and following the release of disappointing economic data.

The Canadian trade balance recorded a surplus in February of CAD$1 billion, missing forecasts of a surplus of CAD$1.3 billion.

As of 16:22 GMT, WTI crude April futures fell 1.4% to $58.4 a barrel, after hitting a high of $60.04 and a low of $58.1.

Brent May futures fell 1.2% to $61.9 a barrel, after hitting a high of $63.5 and a low of $61.6.

As of 16:39 GMT, CAD/USD fell 0.4% to 0.7924, after hitting a high of 0.7959 and a low of 0.7914.

Oil prices fell on Wednesday, and gave up their early gains, despite a drop in the US crude inventories.

The Energy Information Administration reported today that the US crude inventories fell 3.5 million barrels to 498.3 million barrels during the past week, while analysts forecasts a drop by 700K barrels.

While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 2.6 million barrels during the same period.

The dollar index held against a basket of currencies at 92.3 points as of 16:44 GMT, after it hit a high of 92.4 points and a low of 92.2 points.

As of 16:42 GMT, WTI crude April futures fell 0.7% to $58.9 a barrel, after hitting a high of $60.04 and a low of $58.1.

Brent May futures fell 0.6% to $62.3 a barrel, after hitting a high of $63.5 and a low of $61.6.