NEW YORK (AP) -- The dollar is falling against most major currencies ahead of a decision by the Federal Reserve on interest rates.

No policy change is expected, but investors will be closely watching Fed Chairman Ben Bernanke's press conference Wednesday afternoon for clues about how the U.S. economy is doing.

The euro rose to $1.2954 in afternoon trading from $1.2875 late Tuesday. The British pound rose to $1.5127 from $1.5105.

Traders are waiting to see how Cyprus will stave off bankruptcy, after the country's government rejected a plan to contribute to its bailout package by seizing money from people's bank accounts.

The dollar fell to 0.9442 Swiss franc from 0.9478 Swiss franc.

The dollar rose to 95.54 Japanese yen from 95.09 Japanese yen.