Public holidays and the approach of the Federal Reserve’s monetary policy statement are keeping a firm lid on foreign exchange movements early Wednesday, with the euro holding on to most of its gains after a stronger-than-expected first quarter GDP report on Tuesday.
With Japan and much of Europe closed, the Fed’s statement, due at 3 PM ET (1800 GMT) and Chairman Jerome Powell's subsequent press conference will likely overshadow everything else in the market on Wednesday.
At 03:00 AM ET (0700 GMT), the euro was at $1.1223, up less than 0.1% from late Tuesday in New York, amid suspicions that the Eurozone GDP report on Tuesday may not have been as strong as it looked.
The British pound, meanwhile, was holding just above $1.3000 after the opposition Labour Party refused to throw its weight behind a second Brexit referendum in its campaign to the EU parliamentary elections later this month.
The dollar index, which measures the greenback against a basket of six major currencies, was at 97.205, effectively unchanged.