Forex Today: Fed’s day

What you need to know on Wednesday, May 10th:

 Caution was the name of the game, as we approach the US Federal Reserve decision. Stock traders booked profits, particularly during European trading hours, with most major indexes ending the day in the red. Wall Street, however, ended the day mixed and not far from its daily openings. The greenback attempted a recovery as equities fell, but resumed its decline in the American session.

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The EUR/USD pair trades near its multi-month high at 1.1384, while the GBP/USD pair hovers around 1.2730 little changed from Monday’s closing levels.

The Japanese yen was the strongest, lead by falling equities and government bond yields. USD/JPY trades near a daily low of 107.61 as US Treasury yields edged lower for a second consecutive day.

Gold also benefited from the worsening mood, advancing for a second consecutive day, although holding within familiar levels.

Crude oil prices seesawed between gains and losses but finished the day unchanged, with WTI just below $39.00 a barrel.

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