Forex Update :-
GBP/USD: Pound, extends rally to 1.6540 after Services PMI
The Pound has extended its rally from yesterday's low at 1.6260 to 1.6530 session high so far, as the pair jumped from 1.6500 on the back of a better than expected performance on the services sector in October. Non Manufacturing PMI Index rose to 56.9 in October from 55.3 in September, beating analyst's expectations of a slight increase, to levels around 55.5.
CURRENCIES: Dollar Edges Up Vs. Yen And Slips Vs. Euro
The dollar edged up against the yen and slipped slightly against the euro in Asian trading Wednesday, as investors awaited the latest word on U.S. interest rates from the U.S. Federal Open Market Committee.
The U.S. Federal Reserve's policy committee will conclude its two-day meeting later Wednesday. An announcement with policy makers' outlook for rates and the economy is expected Wednesday at about 2:15 p.m. Eastern.
The overwhelming consensus is that the Fed will hold the federal funds rate steady at near-zero, where the target has been since last December. Investors will be paying close attention, however, to the wording of the Fed's statement for any clue as to when the central bank would begin pushing interest rates higher.
The euro changed hands at $1.4763, up from $1.4712 in late Tuesday's North American trading.
The dollar traded at 90.59 yen, above 90.34 yen late Tuesday.
On Tuesday, the dollar had clung to small gains against the euro as traders waded through mixed signals on the health of the economy as the Fed started its two-day policy meeting.