GBP/USD was nearly flat on the day but swung through a wide intraday range, from a session high close to 1.3375 down to a low around 1.3283.
GBP/USD was nearly flat on the day but swung through a wide intraday range, from a session high close to 1.3375 down to a low around 1.3283.
The US Dollar Index (DXY) was nearly flat on the day but saw a sharp, decisive move in the final hours, with a vertical rally following the Federal Reserve's (Fed) interest rate decision and Chair Jerome Powell's press conference that carried the index straight to its session highs.
The NZD/USD pair is trading near the 0.5814 price region, sliding by 0.71% after the Federal Reserve (Fed) kept interest rates unchanged on Wednesday and forecast only one rate cut in 2026, supporting the US Dollar (USD).
Gold (XAU/USD) remains pressured on Wednesday after the Federal Reserve (Fed) delivered a hawkish hold, with most Fed officials expecting just one rate cut in 2026, contrary to market expectations at the beginning of the year, which priced nearly 60 basis points of easing in mid-February.
The US Dollar Index (DXY) is trading mostly in place on Wednesday, cycling quickly in place after the Federal Reserve (Fed) delivered a widely-anticipated interest rate hold.
The Dow Jones Industrial Average fell nearly 1% on Wednesday, shedding over 450 points as a hotter-than-expected Producer Price Index (PPI) print landed on the same day as the Federal Open Market Committee (FOMC) rate decision.
DXY edged up about 0.3% on Wednesday, trading around 99.85 in a session dominated by the hotter-than-expected Producer Price Index (PPI) print ahead of Wednesday's Federal Reserve (Fed) decision.
Gold (XAU/USD) tumbles by more than 2.20% on Wednesday as tensions in the Middle East rise and US inflation edges up, which could deter the Federal Reserve from easing policy. At the time of writing, the XAU/USD trades at $4,878 after hitting a daily high of $5,016.
At the post-meeting press conference, Fed Chair Jerome Powell explained why policymakers decided to keep interest rates unchanged following the March meeting and took questions from reporters on the decision.
The Swiss Franc (CHF) trades on the back foot against the US Dollar (USD) on Wednesday, with USD/CHF snapping a two-day losing streak as a firmer Greenback lends support.