Gold, GBP/USD consolidate ahead of FOMC meeting [Video]
![Gold, GBP/USD consolidate ahead of FOMC meeting [Video]](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/hand-full-of-gold-nuggets-53773200_XtraLarge.jpg)
Markets were mostly consolidating on Wednesday, ahead of the latest Federal Reserve policy meeting.
The Federal Open Market Committee (FOMC)is expected to increase interest rates by 75 basis points, despite some calls to pivot policy.
Inflation in the United States continues to track at historical highs, leading the Fed to maintain its current agenda.
Following a move to a peak of $1,662.00, XAUUSD dropped to an intraday low of $1,648.60 earlier today.
GBPUSD slipped to a low of 1.1469 ahead of the rate decision.
Oil prices rise, despite Biden’s plea to producers
WTI crude was trading higher in today’s session, despite U.S. President Joe Biden imploring domestic producers to lower prices.
Crude snapped a two day losing streak on Wednesday, moving closer to the $90 per barrel mark.
Speaking today, Biden stated that, “It’s time for these companies to stop war profiteering, meet their responsibilities in this country and give the American people a break and still do very well”.
Biden added that “Oil companies’ record profits today are a windfall of war, a windfall for the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe”.
Author
Eliman Dambell
Sayvio AI
With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.
