Finance Minister Taro Aso reiterated today he is not considering resigning over the alleged harassment of female journalists by the top bureaucrat of his ministry.
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Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
The USD/JPY pair loses ground to near 160.25 during the early European trading hours. Traders prefer to wait on the sidelines ahead of the US Federal Reserve interest rate decision under new Chair Kevin Warsh later on Wednesday.
The AUD/USD pair struggles to capitalize on the previous day's hawkish Reserve Bank of Australia-inspired bounce and trades with a negative bias for the second consecutive day on Wednesday. Spot prices, however, hold above the 0.7050 level as traders opt to wait for the outcome of a two-day FOMC policy meeting before placing fresh directional bets.
Gold corrects lower following the bullish action seen earlier in the week but manages to hold above $4,300 on Wednesday. Traders now seem hesitant ahead of the highly anticipated FOMC policy decision and the revised Summary of Economic Projections, keeping the commodity below the weekly high.
Meme coins are approaching a key technical level, which could determine the next directional bias. Dogecoin struggles to overcome a major resistance level, and Shiba Inu recovery lost momentum near a crucial barrier. Meanwhile, Pepe extends its rally for a sixth straight day, raising the prospects of further upside if momentum persists.
The United States Federal Reserve announces its interest rate decision on Wednesday, another pivotal meeting for markets to gauge the stance of policymakers and new Chair Kevin Warsh as energy prices retreat after the United States and Iran reached a framework deal to reopen the Strait of Hormuz.
The Reserve Bank of Australia delivered more than what markets expected: a hawkish hold that should have supported the Aussie. But markets widely ignored it, focusing instead on slowing economic growth and proving that central bank messaging alone isn’t always enough to drive currencies.
