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Gold (XAU/USD) trades with a downside bias on Wednesday as the US Dollar (USD) and Treasury yields rebound ahead of the Federal Reserve’s (Fed) interest rate decision due at 18:00 GMT.

The Bank of Canada (BoC) opted on Wednesday to keep its policy rate at 2.25%, as anticipated, though the accompanying statement reflected a more complex view, influenced by a dimmer growth forecast and the potential for inflation to climb in the near future.

USD/JPY is trading near the 159.50 price zone, gaining some ground during the American session as the pair awaits the Federal Reserve's (Fed) monetary policy decision. The Fed is expected to keep rates on hold later today.

West Texas Intermediate (WTI) US Oil trades around $97.50 at the time of writing on Wednesday, up 2.37% on the day, supported by persistent geopolitical risks despite some signs of easing supply concerns.

The White House announced on Wednesday that they have issued a 60-day waiver of the Jones Act shipping law, per Reuters.

ING’s Benjamin Schroeder expects the Federal Reserve (Fed) to keep rates unchanged at its March FOMC meeting as higher Oil prices and elevated inflation expectations constrain policy. He notes markets see no cut today, with the first reduction only fully priced by year-end.

USD/CAD trims part of its earlier gains on Wednesday as the Canadian Dollar (CAD) finds some support following the Bank of Canada’s (BoC) monetary policy announcement.

ABN AMRO’s Senior Fixed Income Strategist Larissa de Barros Fritz analyzes how different Oil and Gas shocks affect ECB expectations and Bund yields. She notes that demand-driven Oil shocks, speculative inventory moves, and supply disruptions each have distinct rate and curve impacts.

Royal Bank of Canada (RBC) economists Rachel Battaglia and Abbey Xu report that Canadian cardholder spending improved modestly in February, even as consumers continued to reduce discretionary goods purchases.

The United States (US) Federal Reserve (Fed) announces its interest rate decision on Wednesday, a pivotal meeting for markets to gauge the stance of the world’s most important central bank after an energy shock that could put the Fed’s dual mandate in tension.