The dollar shuffled in narrow ranges against major currencies on Wednesday as traders look to see whether inflation data later in the day reinforces expectations for more Federal Reserve interest rate increases. The minutes of the Fed's Jan. 31 meeting released on Tuesday showed officials felt further rate rises might be needed to prevent price pressures from picking up but also said the central bank's policy stance was "close to where it needed to be". Altogether the minutes were enough to back the market's belief that the Fed is likely to raise rates at least two more times, taking the fed funds rate to 5 percent from the current 4.5 percent by mid-year. But with the European Central Bank also raising overnight rates and even the Bank of Japan close to scrapping its five-year-old policy of flooding money markets with cash and holding rates close to zero, the dollar has had a tough time pushing higher. "The Bank of Japan is expected to raise rates within the next year, but even if they do, it's not going to be by very much," said Kota Kimura, forex trading manager at Shinkin Central Bank. "At the same time, the market is expecting at least a few more rate rises in the U.S. So any way you look at it, the dollar will maintain its rate advantage for a while," he said.