The US dollar reduces momentum but stays upbeat on Wednesday ahead of crucial US data scheduled for later in the global day. The two-day Federal Open Market Committee (FOMC) meeting, which kicked off on Tuesday will end on Wednesday. All eyes are glued to upcoming US inflation and FOMC outcome that is likely to provide fresh cues on timing of Federal Reserve (Fed) rate cuts. Dollar index futures are retreating below 105 mark and are currently seen quoting at 104.86, up marginally on the day. The index has gained around 1% since Friday on the back of stronger-than-expected US jobs data which prompted traders to scale back bets on Fed rate cuts. Among the basket currencies, EURUSD and GBPUSD are quoting at $1.0741 and $1.2740 respectively.
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