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The euro edged lower against the dollar and pound as traders expressed caution ahead of the U.S. Federal Reserve's interest rate announcement later this afternoon. The European currency inched higher versus the yen.
The Fed's interest rate decision is due at 2:15 p.m. ET. Rates are expected to remain unchanged near zero, but close attention will be paid to the accompanying statement.
Private sector economic activity in the Eurozone rose for the second month in September, suggesting that the economic recovery is gaining momentum.
French manufacturing business sentiment rose more than expected in September, while consumer spending in August dropped unexpectedly, official data showed Wednesday. Separately, a survey showed that private sector activity rose for the second month in September.
The European Commission adopted a package of draft legislation to significantly strengthen the supervision of the financial sector in Europe.
The euro inched lower against the dollar, backing off a yearly high from yesterday. The pair moved at around 1.4770 after hitting as high as 1.4842 on Tuesday.
The European currency fell further away from a four-month high against the sterling, moving below 0.9000 in the early afternoon. The 16-member currency had reached 0.9080 yesterday.
The euro was slightly higher against the Japanese yen, trading near 135.00.The pair has been uncertain in recent days.
In the Eurozone, a composite indicator for both manufacturing and services activities rose to a 16-month high of 50.8 in September from 50.4 in August, a survey conducted by Markit Economics showed Wednesday. Economists had forecast a reading of 51.3. It follows declines in past fourteen months, with the rate of deterioration hitting a peak in February.
The French manufacturing business sentiment improved to 85 in September, the highest since October 2008, a survey published by the statistical office Insee showed.
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