Attention turns to the US as the latest Fed Reserve meeting wraps up.

The EURUSD made solid gains overnight after opening Tuesday at $1.12936. The pair remained steady early before falling away to lows of $1.12401 mid-session. It rallied off those lows, hitting a high of $1.13629 late in the day. It has come away from those highs and is currently trading at $1.13374. The GBPUSD opened at $1.27220 and after hitting an early high of $1.27551, it looked it trouble. The pair tumbled to lows of $1.26170 mid-session but rebounded, recovering most of its earlier losses. It has retreated slightly in early Wednesday trading and is now sitting at $1.27170.

The Dow retreated from the big gains it sustained over the last several days, ending the day in negative territory. The index started the day at 27,567.15 and was flat early, edging up to a high of 27,632.22 heading into mid-session trading. The Dow fell from those highs shortly afterwards, hitting lows of 27,131.46. It spent the rest of the session trying to regain those losses and is now trading at 27,371.00. The Dax was belted overnight, outstripping the losses sustained by the Dow in percentage terms. The German index began the day 12,926.50 and ticked up to a high of 12,937.26 in the opening hour of the day. After remaining steady for the first few hours of the day, the losses kicked in as the Dax plummeted to lows of 12,504.07. It bounced off those lows and is now trading at 12,676.05.

The day ahead sees the publication of some important US data, however all eyes will be on the latest Fed Reserve interest rate meeting. While rates are tipped to remain on hold, Fed Chair Jerome Powell has been quite vocal in supporting the economy through other monetary policy means, including bond buying. It will be of interest to hear what the Fed Chair has to say at the conclusion of this meeting and whether the US central bank intends to expand their financial support.

Other data published today includes:

China – CPI, PPI

Europe – French Industrial Production

US – CPI, Core CPI, Federal Funds Rate, FOMC Statement, Economic Projections and Press Conference, Federal Budget Balance

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