| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 08:30 | United Kingdom | Purchasing Manager Index Manufacturing | April | 50.3 | 48.7 | 49.1 |
USD traded a little changed against other major currencies in the European session on Wednesday as investors eagerly waited for the announcement of the Federal Reserve's policy update later in the day.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, increased 0.1% from the previous close to 106.33.
The U.S. central bank will release its latest policy decision at 18:00 GMT, and its chairman Jerome Powell will comment on the decision at his press conference half an hour later.
Given recent evidence of sticky inflation in the U.S. and healthy jobs market, investors expect the Fed will leave its interest rates unchanged for the sixth consecutive meeting and highlight the necessity of further progress on inflation before deciding on policy easing. The Fed is also expected to announce its intention to slow the pace at which it’s currently unwinding its $7.4 trillion balance sheet.
Investors will parse the Fed’s policy statements and Powell’s remarks for clues on policymakers' thoughts on how many rate decreases may come in 2024.