NOK/SEK Exchange rate

EUR/USD stays under bearish pressure and trades slightly below 1.0900 on Wednesday. The cautious market mood ahead of the Federal Reserve's monetary policy announcements supports the US Dollar and makes it difficult for the pair to hold its ground.

Gold stays in a consolidation phase after having set a new record-high above $3,040 earlier in the day. Investors refrain from taking large positions before the Federal Reserve announces monetary policy decisions and releases the revised Summary of Economic Projections.

GBP/USD pulls away from the multi-month high it touched above 1.3000 and edges lower toward 1.2950 on Wednesday. The pair struggles with the US Dollar gathering strength amid a broad risk-aversion, as all eyes turn to the Federal Reserve’s interest rate decision for fresh impetus. 

Market participants widely anticipate the US central bank to leave policy settings unchanged for the second consecutive meeting, after cutting the interest rate by 25 basis points (bps) to the 4.25%-4.5% range in December.

In a 1933 article on national self-sufficiency1, British economist John Maynard Keynes advised “those who seek to disembarrass a country from its entanglements” to be “very slow and wary” and illustrated his point with the following image: “It should not be a matter of tearing up roots but of slowly training a plant to grow in a different direction”.