Dollar falls after Federal Reserve statement

Dollar falls against euro, pound, franc after Federal Reserve statement

Associated Press

NEW YORK (AP) -- The dollar fell against most major currencies after the Federal Reserve kept its bond-buying policy unchanged.

Traders also bought the euro and other higher-risk currencies after Fed Chairman Ben Bernanke said that the U.S. economy has been improving in recent months.

The euro rose to $1.2943 in late trading Wednesday from $1.2875 late Tuesday. The British pound rose to $1.5118 from $1.5105.

Traders are still waiting to see how Cyprus will stave off bankruptcy after the country's government rejected a plan to contribute to a bailout package by seizing money from people's bank accounts.

The dollar fell to 0.9436 Swiss franc from 0.9478 Swiss franc and to 1.0251 Canadian dollar from 1.0275 Canadian dollar.

The dollar rose to 95.89 Japanese yen from 95.09 Japanese yen.

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