The dollar fell sharply after the closing bell on Wednesday.

The dollar index, which measures the currency against its major peers, fell by more than 2.5%.

On Wednesday afternoon, the Federal Open Market Committee released its latest monetary policy statement. The Fed removed language indicating it will be “patient” in normalizing interest rates, but said an April rate hike is out of the question, and it would continue to watch economic data closely in determining when to lift off.

By eliminating a near-term rate hike, the Fed effectively signaled that monetary policy will remain loose for longer, which is bearish for the dollar.

The euro rallied by more than 3% against the dollar to around $ 1.0828. After the European Central Bank began its quantitative easing program last week, the euro fell to 12-year lows.

The Japanese Yen rose by more than 1% against the dollar.

Here’s a look at the dollar’s plunge:

(Finviz)

And here’s the euro’s surge:

(Finviz)

And the yen’s:

(Finviz)

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