Current Market Update : Epic Research Malaysia

The dollar barreled higher Wednesday, extending gains versus the Japanese yen and the euro as an eagerly awaited policy statement by the Federal Reserve and comments by Chairwoman Janet Yellen did little to dissuade traders the central bank will move more quickly than previously thought to raise interest rates after its bond-buying program comes to an end.

The dollar USDJPY, +0.47% traded at 108.30 yen, compared with ¥107.13 late Tuesday in New York and up from around ¥107.60 ahead of the Fed announcement. The dollar traded as high as ¥108.40, its strongest level since August 2008.

Meanwhile, the euro EURUSD, -0.01% changed hands at $1.2867, down from $1.2960. The ICE dollar index DXY, -0.08% a measure of the U.S. currency against a basket of six major rivals, traded at 84.596, a gain of 0.6%.

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