The Federal Reserve is widely expected to keep interest rates unchanged at the end of its two-day policy meeting today, but investors will look to see whether the central bank downplays the recent soft patch in the economy to leave the door open for a rate increase in June.

The Federal Reserve is widely expected to keep interest rates unchanged at the end of its two-day policy meeting today, but investors will look to see whether the central bank downplays the recent soft patch in the economy to leave the door open for a rate increase in June.

As widely anticipated, RBA left its cash rate, for an 8th meeting, at 1.50% in April. While headline CPI has more or less reached the central bank’s target level, the core reading has remained subdued.

The EURUSD held steady at $1.0930, trading within sight of a 5-1/2-month high of $1.0951 scaled last week.

Gold fell to its weakest level since April 10 at $1,252.60 on Tuesday as strong earnings and manufacturing data boosted risk appetite.