Euro jumps to highest level in 5 weeks against the dollar

Euro retreats influenced by the possibility of European rate cut

The euro jumped to its highest level in about five weeks against the U.S. dollar on Wednesday after the Fed said it will not increase interest rates until at least late 2014, too late to that expected by many investors.

The euro rose to 1.3102 dollars, its highest level since 22 Issembr, and by the time 1848GMT, the euro fell to 1.3090 dollars, but remained up 0.5 percent from its level at thebeginning of the meeting.

Against the Swiss currency dollar fell to its lowest level in seven weeks, recording 0.9210francs.

The British pound climbed to its highest level in three weeks against the dollar of $ 1.5644recorded.