EUR/USD reversed its direction and closed in negative territory below 1.
EUR/USD went into a consolidation phase below 1.0600 following Tuesday's decline. The Fed is widely expected to leave it policy rate unchanged. A hawkish tone on policy outlook could help USD continue to gather strength. 0600 on Tuesday after rising to a fresh weekly high above 1.0670. The Federal Reserve's policy announcements later in the day could trigger the next big action in the pair. The US Dollar gathered strength against its rivals during the American trading hours on Tuesday.
The US economic docket will feature ADP Employment Change and ISM Manufacturing PMIdata for October. The US Bureau of Labor Statistics will release JOLTS Job Openings for September as well. The reaction to these data releases is likely to remain short-lived. The Fed is widely anticipated to leave the policy rate unchanged at the 5.25%-5.5% range. Investors will scrutinize the policy statement and comments from Chairman Jerome Powell in search of fresh clues regarding the next policy action.
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