In Ben Bernanke's first FOMC meeting as chairman, the Fed is widely expected to lift rates to 4.75 per cent this week from 4.5 per cent. This would be the 15th consecutive increase in as many policy meetings, but investors are focusing more on the accompanying statement and any clues the Central Bank might give on its actions beyond that.

GBP
The sterling firmed against the euro and the dollar as the greenback lost ground ahead of this week's key US Federal Reserve policy meeting.

USD
The data-sensitive dollar remained under pressure as investors looked to see what clues would emerge on the US Federal Reserve's policy outlook .

EUR
Even though there was mildly firmer French production data, the euro was sold-off in anticipation of another rate hike by the US Federal Reserve and prospects for a disappointing German IFO report.

JPY
The yen rose to a one-week high against the dollar as Japanese investors shifted funds back to Japan to meet an accounting deadline as the country's fiscal year ends on Friday.

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