| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 10:00 | Eurozone | Harmonized CPI ex EFAT, Y/Y | February | 2.7% | 2.6% | 2.6% |
| 10:00 | Eurozone | Harmonized CPI | February | -0.3% | 0.5% | 0.4% |
| 10:00 | Eurozone | Harmonized CPI, Y/Y | February | 2.5% | 2.4% | 2.3% |
USD rose against other major currencies in the European session on Wednesday, as investors awaited the announcement of the outcomes of the Federal Reserve's March meeting later in the day.
The U.S. Dollar Index (DXY), which measures the U.S. currency's value relative to a basket of foreign currencies, increased 0.31% from its previous close to 103.56.
The Fed's much-anticipated announcement is to come at 18:00 GMT. With no interest-rate move expected today, markets will focus on the U.S. central bank's updated economic projections and the comments from its chairman Jerome Powell.
Given risks related to U.S. President Trump's trade and economic policies, markets expect the Fed’s new forecasts to show a slight reduction in the central bank’s estimates of U.S. economic growth and a marginal increase in the inflation projections. Meanwhile, the Fed’s updated predictions on interest rates might still indicate only one cut in 2025 as the central bank’s policymakers have argued in favour of a patient approach to policy easing in recent weeks.
Markets will also closely scrutinize Powell's post-meeting remarks for his views on the impacts of Trump's policy on the U.S. economy and the potential responses of the U.S. central bank to them.