NEW YORK (AP) — The dollar soared against other major currencies Wednesday after the Federal Reserve said that the economy is weakening but didn't offer any new plans to boost the U.S. economy.
The Fed has already launched two rounds of bond purchases, most recently in August 2010. Those programs push interest rates lower and can weaken the dollar. With no action announced, the dollar gained.
The euro fell to $1.2233 late Wednesday from $1.2304. The British pound fell to $1.5552 from $1.5681.
On Thursday, traders will be closely watching the monthly press conference of European Central Bank President Mario Draghi. Traders are looking to see if he will announce any plans to help Europe's economy. Draghi said last week that the ECB will do "whatever it takes" to save the euro.
The dollar rose to 78.47 Japanese yen from 78.12 yen, to 0.9821 Swiss franc from 0.9760 Swiss franc and to 1.0042 Canadian dollar from 1.0030 Canadian dollar.