US Fed Rate CallMarkets is gearing up ahead of Wednesday’s US Fed rate decision, coming in for a landing at 18:00 GMT, and a 0.25% rate hike is broadly expected. Markets also anticipate another rate hike before the year end, although the outlook for 2019 is less clear, according to analysts. As well as an interest rate decision, the Federal Reserve will also serve up its summary of economic projections, outlining policymakers’ expectations on economic growth, inflation and unemployment.

USD/JPY have broken the 113.00 handle in the Tokyo open reaching a high of 113.03 but retreated to 112.90 as of writing. The much-expected rate hike will move the pair as investors await details of the U.S. Federal Reserve’s two-day meeting due later in the day. Furthermore, Japan and the United States agreed on Tuesday to create a framework, including tariff talks, for expanding trade between the two countries.

EUR/USD is trading flatly near 1.1760 ahead of today’s Fed action, and with the current path of Fed rate hikes already priced into the EUR/USD, it’s expected that today’s upcoming rate hike will not produce much downside action for the major pair.

Over in the UK, Brexit headlines continue to dominate GBPUSD, and the downside may open on the Pound after Prime Minister Theresa May reiterated that she’d rather see no deal at all than a bad deal. Of course, Dollar is immediate affected by the Fed rate decision, so the major pair will depend on this event as well.

Oil prices slid on Wednesday following U.S. President Donald Trump’s comment that OPEC is “ripping off the rest of the world” by sending oil prices higher. His comments came just a week after OPEC and other major oil producers rebuffed his latest call and said they would only push prices down if customers requested it. Crude stockpiles unexpectedly climbed last week according to API, while the official figures on stockpiles and refinery runs from the EIA are due at 14:30 GMT today.

Gold prices have somewhat gained while the U.S. dollar remained unchanged as investors awaited details of the U.S. Federal Reserve’s interest rate decision due later in the day. Higher interest rates increase bond yields, making non-interest-bearing gold less attractive to investors. They also tend to boost the dollar, making dollar-priced gold more expensive for holders of other currencies. The dollar has been the preferred safe-haven asset over gold in recent months as traders were prompted to buy the U.S. currency in the belief that the United States has less to lose from the dispute.