LONDON (AFP) - The dollar hit a one-year euro low on Wednesday ahead of an interest rate decision from the US Federal Reserve, as investor risk appetite stayed strong amid hopes of a global rebound. In earlier Asian trade, the euro struck 1.4842 dollars the highest point since September 22, 2008. In London morning deals it pulled back to stand at 1.4794 dollars, still higher compared with 1.4792 dollars late in New York on Tuesday. Against the Japanese currency, the dollar dropped to 90.95 yen from 91.10 yen on Tuesday. The dollar remains under pressure as stocks rise and risk appetite continues to improve, said Calyon analyst Stuart Bennett. The bullish (positive) sentiment for stocks is likely to keep the dollar under pressure whilst the main focus today is on central banks. The dollar is usually under pressure when risk appetite improves as investors seek to put their money into riskier assets such as the euro that offer higher yields than the US currency. The brief respite that the dollar enjoyed over the past few sessions has seemingly come to an end for now with commodity and equity prices higher as well as risk appetite increasing, said Jon Gencher at BMO Capital Markets. Meanwhile, traders are waiting for the conclusion Wednesday of a Federal Reserve policy meeting although most are bracing for the US central bank to maintain its current monetary policy stance. Camilla Sutton at Scotia Capital said most expect the Fed to maintain its base rate of zero to 0.25 percent and that this will be a dollar negative. The Federal Reserve concludes a two-day meeting expected to reaffirm its massive economic stimulus but with an eye toward an exit strategy as recovery takes root. The Federal Open Market Committee (FOMC) headed by Fed chairman Ben Bernanke was to issue a statement Wednesday around 1815 GMT. In London on Wednesday, the euro was changing hands at 1.4794 dollars against 1.4792 dollars late on Tuesday, at 134.50 yen (134.76), 0.9015 pounds (0.9042) and 1.5133 Swiss francs (1.5144). The dollar stood at 90.95 yen (90.42) and 1.0230 Swiss francs (1.0234). The pound was at 1.6408 dollars (1.6359). On the London Bullion Market, the price of gold eased to 1,016 dollars an ounce from 1,014 dollars an ounce late on Tuesday.