Euro Edges Higher Against USD Ahead of Fed Announcement

The Euro (EUR) has ticked higher against the US Dollar (USD) to around 1.1393 during the European trading session on Wednesday, as investors await the Federal Reserve's (Fed) monetary policy announcement.

The major currency pair edges up as the US Dollar is slightly down ahead of the Fed's announcement at 18:00 GMT. According to the CME FedWatch tool, traders see a 69.5% chance that the Fed will leave interest rates unchanged in the range of 3.50%-3.75%, which would be the fifth straight meeting with no rate change.

US President Donald Trump has recently urged Fed Chairman Kevin Warsh to lower interest rates, citing a good inflation report and falling costs. This has added uncertainty ahead of the Fed's announcement, with investors paying close attention to the monetary policy statement and Chairman Warsh's press conference for cues on whether the central bank is leaning towards Trump's economic agenda.