The euro jumped to its highest level in nearly five weeks against the U.S. dollar on Wednesday after the Federal Reserve said it will not raise interest rates until at least late 2014, later than what many investors had expected.

The euro hit a session high of $1.3102, according to Reuters data, its highest since December 22. It last traded at $1.3090, up 0.5 percent on the day.

The dollar, meanwhile, fell to an almost seven-week low against the Swiss franc at 0.9210 and last traded at 0.9220, or down 0.6 percent on the day.

Sterling touched a three-week high against the dollar at 1.5644.

Without making major shifts to its outlook for the economy, the Federal Open Market Committee, the Fed's policymaking arm, described the unemployment rate as still elevated and said it expects inflation to remain at levels consistent with stable prices.