The dollar hit a seven-week low against the euro on Wednesday and its lowest level this year against a basket of currencies, weighed down by soft U.S. data ahead of the release of minutes from the Federal Reserve’s latest meeting.

The euro rose as high as $1.37735 during Asian trading, its strongest level since January 2. The dollar later gained ground, leaving the euro last trading down 0.1 percent at $1.3744, with equity markets offering investors little direction.

Tuesday’s New York manufacturing and U.S. housing data were the latest numbers out of the United States to disappoint investors, increasing pressure on the dollar.

The numbers bolstered the case for the Federal Reserve to be patient in its tapering of its huge bond-buying program, ahead of the minutes from the January policy meeting when the Fed opted to trim asset buying by another $10 billion.