AUD/USD crept higher Wednesday before........>

AUSSIE: AUD/USD crept higher Wednesday before whip-sawing as the FOMC announced

its monetary policy decision & Fed Chair Powell held his presser. U.S.

policymakers left interest rates unchanged, but pledged to keep boosting the

bond-buying programme and promised not to hike rates at least through the end of

2022, which is as far into the future as their forecasts go. AUD/USD hit its

best intraday levels, but trimmed gains ahead of the close.

- The rate sits -13 pips at $0.6985. Bears need a drop below Jun 9 low of

$0.6899 to regain some momentum. Meanwhile, bulls look for a break above

yesterday's Fed react high of $0.7063 before taking aim at Jul 19, 2019 high of

$0.7082. 

- In its economic projections for the coronavirus crisis, the OECD warned that a

second wave of the infection would wipe $25bn off Australian economy, increasing

this year's expected contraction to -6.3% Y/Y from -5.0%.

- Australian consumer inflation expectation hits the wires later today.