EUR/USD likely to stay sidelined between 1.1680/1.1780 – UOB

EUR/USD keeps the green near the 1.1650 level in the European session on Wednesday. Markets turn cautious and ignore the US Dollar ahead of the US Federal Reserve interest rate decision later on Wednesday, where a 25 bps rate cut is almost fully priced in. Meanwhile, cautious ECB-speak keeps the Euro afloat. 

GBP/USD trades on a firmer note above 1.3300 in Wednesday's European session. The US Dollar weakens against the Pound Sterling as the US Federal Reserve is widely expected to announce another interest rate cut on Wednesday. Next of note will be the UK monthly Gross Domestic Product (GDP) report that will be published on Friday. 

Gold extends its sideways consolidative price move through the European session and trades around $4,200 this Wednesday. Traders now seem reluctant and opt to wait for the outcome of a two-day FOMC policy meeting later in the day. The key focus will be on updated economic projections and Powell's speech.

Solana (SOL) extends its upward trend for the third consecutive day, trading within a consolidation range of $121-$145. Persistent inflows into Solana Exchange Traded Funds (ETFs) over the last four days suggest steady institutional confidence.

The Bank of Canada is widely expected to maintain its benchmark interest rate at 2.25% at its meeting on Wednesday. That would follow two consecutive quarter-point rate cuts in September and October.

Zcash (ZEC) price extends gains, trading above $440 on Wednesday after rallying nearly 30% so far this week. ZEC’s rising open interest, elevated bullish bets, and a shift to positive funding rates all point to stronger demand.