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Here is what you need to know on Wednesday, April 29:

The Japanese Yen (JPY) trades cautiously against the US Dollar (USD) at around 159.65 during the European trading session on Wednesday. The USD/JPY pair is expected to remain on the sidelines, with investors awaiting the Federal Reserve’s (Fed) monetary policy announcement at 18:00 GMT.

Danske Research Team notes that EUR/USD is trading close to 1.17 ahead of the Federal Open Market Committee (FOMC) meeting, where th e Federal Reserve (Fed) is expected to keep rates unchanged and avoid firm forward guidance.

Rabobank's Senior Macro Strategist Bas van Geffen expects the Bank of Canada (BoC) to keep its overnight rate at 2.25% through year-end. He notes inflation had been near target before an energy-driven spike revived upside risks, but growth remains volatile and productivity weak.

Australia’s state of New South Wales today launched the first natural gas exploration tender in ten years amid a supply crunch caused by the war in the Middle East. Reuters reports that to encourage participation, the state government cut the entry fee from A$50,000 to as little as A$1,000. The sums

EUR/JPY depreciates after three days of gains, trading around 186.70 during European hours on Wednesday. The technical analysis of the daily chart indicates the currency cross is positioned slightly below the ascending channel, signaling a possible bearish reversal.

The NZD/USD pair attracts some sellers to around 0.5865 during the early European session on Wednesday. Traders prefer to wait on the sidelines ahead of the US Federal Reserve (Fed) interest rate decision later on Wednesday, with no change in rate expected.

The Euro (EUR) is trading lower against the US Dollar (USD) for the second consecutive day on Wednesday, retreating below 1.1700 at the time of writing, from 1.1720 highs during the Asian session, yet moving within previous days' ranges.

TD Securities’ commodity team highlights that Silver has already fallen sharply since the conflict began and could face further downside if inflation slows growth and raises carry costs.

The USD/CAD pair clings to Tuesday’s gains around 1.3690 during the European trading session on Wednesday. The Loonie pair reflects strength as the US Dollar (USD) trades higher ahead of the Federal Reserve’s (Fed) monetary policy announcement at 18:00 GMT.

Commerzbank’s Dr. Henry Hao and Charlie Lay note Brent and WTI extended gains as the United Arab Emirates announced it will leave OPEC (Organization of Petroleum Exporting Countries) on 1 May, after years of tension with Saudi Arabia over output policy.

The EUR/GBP cross flat lines around 0.8665 during the early European trading hours on Wednesday. Traders turn to a wait-and-see mode ahead of key interest rate decisions from both the European Central Bank (ECB) and the Bank of England (BoE) on Thursday.