USD/JPY tilted higher in Asian trade off March 13 lows following earlier retail sales data from Japan and ahead of US data. 

As of 05:47 GMT, USD/JPY rose 0.34% to 105.28, with an intraday high at 105.29. 

Earlier Japanese data showed retail sales rose 13.1% m/m in June, besting estimates of 7.1%, while falling 1.2% y/y, compared to a 12.5% tumble in May. 

From the US, GDP is expected to have shrunk 34.5% in the second quarter of the year, compared to a 5% drop in the first quarter. 

Unemployment claims for the week ending July 25 are expected up 24 thousand to 1.44 million, while continuing claims for the week ending July 18 are estimated up 3 thousand to 16.2 million. 

The Federal Reserve just voted to maintain rates at near zero while asserting it's ready to use all available tools to bolster the economy against the pandemic.

The major US stock indices closed higher on Wednesday, after the market digested the Federal Reserve's decision and its Chair Jerome Powell's statements, Wall Street also was lifted the tech stocks, despite the CEOs of major tech companies such as Apple, Facebook and Alphabet appearing before the US Congress.

The CEOs of Amazon, Facebook, Apple and Alphabet appeared before  an antitrust subcommittee to testify on accusations of monopoly and privacy violations.

The US Federal Reserve kept the interest rate unchanged between zero and 0.25% in a widely expected move, and ruled out any rate hikes before the full recovery of the economy from the coronavirus impact through inflation rising near the Fed's target and the rise of employment pace.

However, the Fed sees improvement in the US economy and the labor market, as some economic activity recovered to their pre-pandemic levels. 

Fed Chairman Jerome Powell also said during a press conference that the economy will need more support from Congress and stressed again on taking all the necessary tools and measures until the economy recovers and returns to its growth path.

The pending home sales reading for June rose by 16.6% to 116.1 points, beating forecasts of 15%..

To the oil market, West Texas Intermediate crude rose 0.6% to close at $41.27 a barrel, after it hit an intraday high of $41.5 and a low of $40.9.

Brent rose 1.2% to $43.75 a barrel, with a high of $43.9 and a low of $43.2.

As for stocks, Dow Jones rose 0.6% or 160 points to close at 26,539, after it hit a day high of 26,602 and a low of 26,375.

Nasdaq rose 1.3% or 141 points to 10,543 points, with a high of 10,568 and a low of 10,464.

S&P 500 rose 1.2% or 40 points to 3,258, after it hit a day high of 3,264 and a low of 3,227 points.

Data showed today that the US pending home sales index rose more than expected during the previous month, which shows a partial recovery from the coronavirus sharp impact on the housing sector.

The pending home sales reading for June rose by 16.6% to 116.1 points, beathing forecasts of 15%. The index also rose by 6.3% on the year-over-year reading.

Silver prices inched up on Wednesday, despite the continued drop in the US dollar following the Federal Reserve's decision.

The US Federal Reserve kept the interest rate unchanged between zero and 0.25% in a widely expected move, and ruled out any rate hikes before the full recovery of the economy from the coronavirus impact through inflation rising near the Fed's target and the rise of employment pace.

The dollar index fell against a basket of currencies by 0.3% to 93.4 points as of 20:00 GMT, after it hit a high of 93.8 and a low of 93.1.

Investors are anticipating important data releases in the US tomorrow, with the GDP reading and the weekly unemployment claims.

Silver September futures rose 0.1% to close at the highest level since April 2013 of $24.321 an ounce, after hitting today's high at $25.12 and the low of $23.435.