EURUSD SHOWS ONLY SMALL CHANGE IN ADVANCE OF FED DECISION

The Euro has shown only a small change against the US Dollar as investors wait for a decision on the Federal Reserve Bank’s stimulus program. The decision, due later today, is expected to see a small reduction in the program.

The EURUSD pair hit 1.3364 during late Asian trade, the session high, and consolidated at 1.3361, an increase of 0.03%.

The central bank is expected to announce later today that it will begin tapering it’s USD 85 billion-a-month asset purchase program. There has been no indication on how much the US central bank will reduce by although it is widely expected that the Federal Open Market Committee will reduce Treasury purchases to $40 billion, while continuing to buy $40 billion of mortgage backed securities.

The Euro has continued to remain well-supported following data released on Tuesday which showed improved sentiment in Germany on the back of the improved economic outlook for the euro zone. The EURGBP pair was trading at just under 0.8400 at 08:30 GMT.

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