The Australian and NZ dollars firmed against their major counterparts in the European session on Wednesday, as investors awaited the U.S. Federal Reserve's monetary policy decision amid hopes that it will maintain its accommodative stance for the foreseeable future.

The Fed is widely expected to leave interest rates unchanged when it ends its two-day meeting later in the day.

The policy statement is due out at 2 pm ET, followed by remarks from Powell a half-hour later.

Investors focus on further details on the bank's new inflation targeting strategy that will keep interest rates lower for a prolonged period.

The Fed funds futures project implied rates pinned down near zero through 2023.

The Bank of Japan and the Bank of England will deliver their policy decisions on Thursday.

Data from Statistics New Zealand showed that New Zealand logged a seasonally adjusted current account surplus of NZ$482 million in the second quarter of 2020

That was shy of expectations for NZ$595 million and down from NZ$1.56 billion in the three months prior.

The kiwi strengthened to near a 2-week high of 0.6744 against the greenback, from a low of 0.6703 hit at 9:15 pm ET. If the kiwi continues its rise, 0.70 is possibly seen as its next resistance level.

After falling to a 5-day low of 70.58 at 8:15 pm ET, the kiwi edged up to 70.98 against the yen. The kiwi is poised to challenge resistance around the 72.00 region.

Data from the Ministry of Finance showed that Japan recorded a merchandise trade surplus of 248.299 billion yen in August.

That was well above expectations for a deficit of 37.5 billion following the 11.6 billion yen surplus in July.

The kiwi climbed to near a 2-week high of 1.7596 against the euro at 2:55 am ET and held steady afterwards. The pair had closed Tuesday's deals at 1.7643.

The kiwi recovered to 1.0865 versus the aussie, from its Asian session's low of 1.0883. On the upside, resistance is likely seen near the 1.06 level. The aussie advanced to 0.7333 against the greenback, 0.9652 against the loonie and 77.13 against the yen, recovering from its early lows of 0.7288 and 0.9619 and a 1-week low of 76.73, respectively. The next likely resistance for the aussie is seen around 0.75 against the greenback, 0.98 against the loonie and 80.00 against the yen.

The aussie held steady against the euro, following an advance to 1.6183 in Asian trading. At Tuesday's close, the pair was trading at 1.6224.

Looking ahead, Canada inflation data for August, U.S. business inventories data for July, NAHB housing market index for September and retail sales for August will be released in the New York session.

At 2:00 pm ET, the Fed announces its decision on interest rate. Economists widely expect the federal funds rate to be kept at 0-0.25 percent.

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