FxAnalysis

USD/SGD is drifting lower near 1.29470 as traders await the Fed’s FOMC statement, with a dovish tone potentially triggering further downside in the pair.

Notably stronger than expected Australian inflation data has pushed the Aussie firmly higher.

After posting small gains for five consecutive days, EUR/USD loses its traction in the European morning on Wednesday and trades below 1.1650. The pair’s near-term technical outlook highlights a loss of bullish momentum as investors await the Federal Reserve’s (Fed) monetary policy announcements.

Gold is replicating Tuesday’s Asian bounce toward the $4,000 mark early Wednesday as traders look to cash in on the recent sharp correction from record highs of $4,382 ahead of the critical US Federal Reserve (Fed) monetary policy decision.  

EUR/USD extended its winning streak to a fifth straight day on Tuesday, climbing back toward the 1.1670 area, roughly where its provisional 100-day SMA sits.

The Australian Dollar (AUD) carried Monday’s good mood into Tuesday, pushing AUD/USD closer to the key 0.6600 level, its highest in three weeks.