On Wednesday, the Greenback traded under renewed selling pressure, falling lower vs. a basket of major currencies ahead of the Federal Reserve’s policy decision. Traders will be focusing their attention on the central bank's policy statement for hints on the monetary policy outlook. Besides the Fed, markets players are awaiting Chicago Purchasing Manager (JAN), which is expected to hit 64 from 67.6.
The single currency gained ground vs. the US dollar and rose by 0.27%, to settle at $1.2436. On the release front, the Euro-Zone Consumer Price Index Core (YoY) (JAN A), which is expected to hit 1.0% from 0.9%.
The Sterling pound rose by 0.23%, to settle at $1.4178. No major reports are due from the UK today.
Against the JPY, the USD fell slightly by 0.05%, to settle at ¥108.73.
Earlier today, Gold prices settled high, as traders are awaiting the outcome of the Federal Reserve's policy meeting, the last of Janet Yellen's tenure as chair, before she hands the chairmanship over to Jerome Powell. Markets expecting policymakers to keep interest rates unchanged. Gold Futures - Feb 18 (GCG8), rose by 0.42%, to settle at $1,341.00
Also on Wednesday, Oil prices declined for a third day in a row after data from an industry body showed U.S. crude stocks rose more than expected last week. Crude Oil WTI Futures - Mar 18 (CLH8) fell as much as 0.68%, to settle at $64.06, and Brent Oil Brent Oil Futures - Apr 18 (LCOJ8) was down by 0.66% at $68.07.
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