A big day coming up for markets as the Fed Reserve holds its latest interest rate meeting.

The EURUSD recovered losses sustained midway through the day to round out the session close to where it opened at. The pair began the day at $1.10177 and lifted to an early high of $1.10247. The euro remained steady for a few hours before falling away mid-session, hitting lows of $1.09972. It bounced off those low and regained most of those earlier losses. It is now trading at $1.10215. The GBPUSD edged lower overnight, however a rebound late in the day reduced the losses sustained. The pair started the day at $1.30510 and edged up to a high of $1.30646 early in the day. The pound remained near those levels for a few hours before heading south over mid-session trading, hitting lows of $1.29745. It climbed off those lows late in the day and is currently trading at $1.30240.

The Dow made some small gains overnight after opening at a low of 28,524.19. The index made steady gains throughout the day, peaking at 28,824.41 late in the day. It has come off those highs and is now trading at 28,740.50. The Dax made some solid gains overnight despite looking shaky midway through the day. The German index began the day at 13,211.40 and lifted to 13,304.17 before falling to lows of 13,164.23 mid-session. The Dax climbed off those lows, hitting a high of 13,340.33 in the final hour of trade before closing at 13,324.46.

All eyes are fixated on the latest Fed Reserve meeting, which will conclude in the early hours of tomorrow morning. While interest rates are tipped to remain unchanged, the significance with this meeting will be whether the central bank has changed its economic outlook and future monetary policy settings.

Data published today includes:

Australia – CPI, Trimmed CPI, MI Leading Index

UK – BRC Shop Price Index, Nationwide HPI

Japan – BoJ Summary of Opinions, Consumer Confidence

Europe – German GfK Consumer Climate & Import Prices, European Private Loans & M3 Money Supply, Credit Suisse Economic Expectations

US – Federal Funds Rate, FOMC Statement & Press Conference, Goods Trade Balance, Prelim Wholesale Inventories, Pending Home Sales, Crude Oil Inventories

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