FOREX-Dollar briefly pares losses vs euro on FOMC minutes

NEW YORK, May 21 (Reuters) - The dollar initially trimmed losses against the euro on Wednesday in a knee-jerk reaction to the minutes of the Federal Reserve's April meeting, which highlighted concerns about higher inflation.

The euro traded down as low as $1.5750 <EUR=> after the release of the FOMC minutes from $1.5770 just prior. It then rebounded to $1.5772, up 0.7 percent on the day.

The dollar was down 0.3 percent at 103.26 yen <JPY=> compared with 103.40 yen earlier.

(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)