NEW YORK (CNNMoney.com) -- The dollar slipped versus the yen and the pound but rose against the euro Wednesday after the Bank of Japan and the Federal Reserve each left interest rates unchanged near zero.
What prices are doing: The dollar rose 0.2% versus the euro to $1.3733 and dipped 0.5% against the British pound to $1.5319. Against the Japanese yen, the dollar fell 0.07% to ¥90.24.
On Tuesday, the dollar declined against major currencies after the Federal Reserve said it will hold interest rates steady.
What's moving the market: In its policy statement Tuesday, the central bank announced that key interest rates will remain unchanged near zero for an extended period, which is what investors were widely expecting.
The Fed's decision boosted stocks, which rose Tuesday and extended gains on Wednesday, climbing to 10-week highs.
Stronger equities tend to pressure the U.S. currency, which is viewed as a safe haven for investors.
Investors also welcomed news that the Bank of Japan plans to keep interest rates near zero and implement a short-term lending program in order to double the amount of money available to banks.
Meanwhile, the Department of Labor's Producer Price Index (PPI), a measure of wholesale inflation, fell 0.6% in February, missing expectations of a 0.2% drop after rising 1.4% in January.
What analysts are saying: "If you are wondering why the Fed did not remove the pledge to keep interest rates at an extremely low level for an 'extended period' of time yesterday, just take a look at this morning's producer price figures," Kathy Lien, director of currency research at GFT, said in a research note.
"Inflationary pressures in the U.S. are extremely modest and the lack of inflation gives the central bank the flexibility to leave monetary policy easy for longer than otherwise."
Lien said that because a drop in energy costs weighed on the PPI index, she expects the reading will improve as oil prices rise. As a result, she said the Fed is likely to eventually raise interest rates, which will in turn boost the dollar. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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