In anticipation of today's FOMC meeting outcome, the consensus suggests no alterations in policy, with the focus shifting towards forward guidance, notably highlighted in the updated projections. While the dollar maintains a broad uptrend, it remains below yesterday's peak levels against other G10 currencies.
Gold exhibits consolidation within a narrow range around $2157, maintaining yesterday's boundaries. May WTI briefly surpassed $83 yesterday, marking its highest level since last October, and is currently holding above yesterday's low near $81.80.

Asia Pacific
Markets continue to digest the recent BOJ decision, with expectations of no further tightening given the prevailing economic weakness. This sentiment was reinforced by the final January industrial output estimate, which improved to 6.7% from the initial -7.5%. Tomorrow's report on the February trade deficit is awaited.

The yen's unexpected depreciation following the rate hike was notable, with the dollar reaching new yearly highs against the yen.
Meanwhile, the Australian dollar trades within a 30-tick range below $0.6540 today, with its recent low near $0.6480 in early March.

Europe
Attention is directed towards tomorrow's Bank of England meeting following the UK's release of consumer and producer price indices earlier today. Favorable base effects contributed to a notable decline in year-over-year rates.

The euro, after hitting a low near $1.0835 yesterday, struggles to surpass $1.0870 and is retracing towards yesterday's lows.
Sterling staged an impressive recovery yesterday, surging past $1.2670 in the European session to reach new session highs near $1.2735 during early North American trading. However, there's been limited follow-through buying of sterling today.

America
All eyes are on the Fed's decision. While the rates are expected to remain unchanged, the focus is on the nuances within the FOMC statement, particularly the acknowledgment of softer economic activity and increased unemployment. Additionally, the Summary of Economic Projections and Fed Chair Powell's subsequent press conference are significant factors.

The Loonie faced downward pressure against a strong US dollar backdrop due to softer-than-anticipated Canadian inflation measures, trading within a range of CAD1.3560-CAD1.3605 today.