US dollarThe market mood is somewhat downbeat, and the dollar is edging higher as investors digest the dovish Fed stance. The Federal Reserve left its policy measures unchanged and stressed that uncertainty is high, and the path forward depends on the virus.

The Fed reiterated its commitment to do whatever is needed but did not provide details and urged lawmakers to do more. The dollar initially dropped, sending EUR/USD above 1.18 and GBP/USD to top 1.30, before the move reversed.

US coronavirus deaths have topped 150,000 with daily mortalities surpassing 1,400 on Wednesday. The number of new cases has flattened at under 70,000.

EUR/USD is hovering above 1.17 and GBP/USD is pressured under 1.30 after a failed attempt to move higher. The British government is scheduled to provide updates on coronavirus regulations later in the day. USD/JPY is trading above 105, rising amid dollar strength, and as the number of coronavirus infections in Tokyo and other cities is edging higher.

Gold prices have been consolidating their gains around $1,950 after testing the highs around the Fed decision. WTI has ticked higher on Wednesday after another draw was noted in the Department of Energy inventory weekly data.

Germany reports its GDP figures for the second quarter, with a fall of 9% on the cards. Europe’s largest economy weathered the pandemic better than most of its peers. Berlin also reports inflation and employment data.

Initial jobless claims are set to move up for the second consecutive week while continuing claims are forecast to edge lower. Markets will focus on the first release of Gross Domestic Product for the second quarter. A wide array of estimates and the unprecedented nature of the illness leave room for surprises and high volatility.