The dollar's fall quickly ended and began to rally after Fed Chairman Jerome Powell opened a press conference.

Powell said that the announcement of the start of a cut in the bond buying program could be made at the next Fed meeting if there is a strong new job record.

The asset purchase limitation process is expected to be completed by the middle of next year.

According to the Fed chairman, the more progress is made in meeting employment and inflation targets, the more asset purchases will decline.

Powell said the Fed's bond purchases so far have contributed less to the economic recovery.

The economy has made progress towards meeting its targets to limit bond purchases, the FOMC said in a statement after the meeting.

The updated forecasts from the Fed show that the regulator may raise interest rates at least three times by 2023. The previous forecast, published in June, was based on only two interest rate hikes.

Nine FOMC members expect the first rate hike next year and the remaining nine next year.

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