Forex Today: Fed’s day

Here is what you need to know on Wednesday, September 18th:

•  US Federal Reserve day. Majors may well spend the Asian session in wait-and-see mode, ahead of the Fed’s announcement. The central bank is expected to cut rates by 25bps without compromising to further cuts.
• Crude oil prices continued leading the way. The commodity fell, dragging alongside the greenback, on news indicating that Saudi Arabia’s oil output would return to normal levels in the next two to three weeks.  Later in the day, the Saudi Oil Minister gave a press conference, indicating that the kingdom's oil supply was fully back online, adding that oil output will be fully back online by the end of September.
• The EUR/USD pair advanced up to 1.1070 and the GBP/USD to a fresh multi-week high of 1.2526 on broad dollar’s weakness on encouraging oil-related news.
• The USD/JPY pair remained stable around 108.20, as despite the better market mood, US Treasury yields fell to fresh weekly lows ahead of the Fed.
• Cryptocurrencies saw little action for a second consecutive day.