The greenback plunged on Wednesday, sliding after touching a four-week peak the earlier night before the highly anticipated Fed’s meeting.

The dollar index that gauges the greenback versus its major pairs dipped 0.4% lower at 104.775, after hitting a robust level at 105.46 overnight, not seen since May 14.

The US dollar has dropped from its latest peak; however, the greenback soared on Friday following solid job figures, as traders’ projections for a rate cut in 2024 have been reconsidered.

The focus is squared today on crucial releases and meeting, this includes CPI figures, Federal Reserve meeting, and the latest forecasts of the interest rate trajectory.

Predictions hover around a climb of CPI by 0.1% on a monthly basis and 3.4% on annual basis, which will remain higher than the 2% of Fed’s target.

EUR/USD ticked up by 0.1% to 1.0745, following the release of German inflation figures that showed advance in May.

GBP/USD climbed by 0.1% to 1.2750, with the pound sparing regardless of figures that manifested that the British economy did not advance.

GDP steadied in April, following a 0.4% month-on-month advance in March.

USD/JPY climbed by 0.1% higher to 157.26, as the yen is buoyed by better than predicted PPI figures, that were released ahead of BOJ meeting.