Euro little changed, FOMC awaited

The euro was little changed against the dollar on Wednesday, as investors remained cautious ahead of the Federal Reserve`s highly-anticipated policy statement due later in the day.

The Federal Open Market Committee is expected to reaffirm its cautious tone on raising interest rate from its historic lows. However, any dovish remarks about the economic recovery might leave traders pondering over future rate hikes.

The euro is aiming to reach $1.14 levels again after testing these levels, but waiting for the Fed’s outcome weakened the single currency.

Generally, the euro corrected its movement in the previous two sessions after touching $1.11, following the European Central Bank’s decision to take on the quantitative easing policy.

The EUR/USD pair fell 0.20% to 1.1355 at 12:54 GMT.