The US dollars rises against major currencies in late New York trading on Wednesday as the scale of the Fed’s stimulus plan might be smaller than expected.

The market had anticipated the Fed would buy between 500 billion dollars and 1 trillion dollars in treasury bonds to drive interest rates lower and encourage lending and spending.

However, a report from The Wall Street Journal said the Fed’s bond purchases might amount to a few hundred billion dollars over several months, which would be much less than those previous predictions.

Some investors trimmed their dollar’s short betting in response to the news that the Fed’s new monetary easing policy might take a smaller and longer approach.

The euro against the dollar fell below 1.38 in late Wednesday trading session. However, many analysts believed the expectation on the Fed’s quantitative easing policy and European central bank’s gradual liquidity withdrawing would prevent the euro from falling below 1.35 against the dollar in the next month or two.

In late Wednesday trading, the dollar bought 81.71 Japanese yen, comparing with 81.49 late Tuesday, and the euro fell to 1.3761 dollars from 1.3850.

The British pound fell to 1.5758 dollars from 1.5835. The dollar rose from 0.9861 to 0.9917 against Swiss francs, and also rose to 1.0298 Canadian dollars from 1.0246.