Euro Steadies Near One-Month Low as Fed Prepares Expected Quarter-Point Rate Hike

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The euro traded little changed against the US dollar on Wednesday, hovering around 1.1537 and not far from Monday's one-month low of 1.1523, as traders avoided strong directional bets before the Federal Reserve's policy announcement. The Fed is expected to raise rates by 25 basis points at 18:00 GMT, lifting the federal funds target range to 3.75%-4.00%, with Chairman Kevin Warsh due to speak at 18:30 GMT. The dollar held firm near two-week highs, with the US Dollar Index around 99.70, after August Retail Sales rose 1.2% month-on-month, beating expectations of 0.8% and rebounding from a revised 0.5% decline in July, while CPI rose 0.4% on the month and annual inflation held at 3.4%. With the quarter-point move almost fully priced in, attention turns to the updated Summary of Economic Projections and its dot plot, after June's median year-end rate projection of 3.8%, and to Warsh's comments on the policy path. Across the Atlantic, the European Central Bank has raised rates twice this year and markets expect more tightening, though BNY analysts said the Governing Council will likely decide meeting by meeting after September, with opinions split between waiting until December and acting preemptively as energy prices rise.

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ECB has raised rates twice this year with markets expecting more tightening, pushing the ECB policy rate higher.

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