US dollarThe dollar was down on Wednesday, with investors fine-tuning their positions ahead of a U.S. Federal Reserve policy meeting.

The USD/JPY pair has reached a 0.15% drop to 105.26 in the previous session, as the US dollar remained on the defensive.

The EUR/USD pair traded largely flat at 1.1849 and remains at the mercy of the USD price dynamics in the absence of any major market-moving economic releases from the Eurozone.

The GBP/USD pair extended its sideways consolidative price action near 1.2900 and had a rather muted reaction to the UK consumer inflation figures.

Oil prices rose Wednesday after the American Petroleum Institute detailed a big drop in U.S. stockpiles and Hurricane Sally continued to disrupt offshore production in the Gulf of Mexico.

Gold was up on Wednesday morning ahead of the U.S. Federal Reserve’s policy decision, due to be handed down later in the day.

Investors are looking today to the U.S. Federal Reserve which concludes a two-day policy meeting later Wednesday, the first since adopting a more tolerant stance on inflation in August. The Fed is due to announce its decision at 18:00 GMT, followed by a news conference from Chairman Jerome Powell.

U.S. retail sales figures from August will also be in focus on Wednesday coming at 12:30 GMT.