Session Recap: USD softer ahead of FOMC minutes (Córdoba) - Consolidation remains the order of the day. The USD has, however, retreated against major currencies on Wednesday, as investors awaited FOMC minutes and a speech from Bernanke for further insight on whether the Fed will pull back on bond purchases.

EUR/USD climbed back above 1.2800 after being as low as 1.2764, while GBP/USD managed to regain the 1.4900 level.

However, the USD weakened sharply against the JPY and the AUD. USD/JPY was down 1.0% at 100.10, having been as low as 99.84 at one stage ahead of the BoJ decision. AUD/USD is back above 0.9200, recording a 0.4% gain on the day.

Main Headlines in Europe:

China trade numbers collapse on fake invoicing crackdown

Germany: Annual CPI at 1.8% in June

Moody's upgrades UK banking system outlook

ECB policymakers speak about EU crisis, forward guidance