The euro was higher against its major counterparts in the European session on Wednesday amid risk appetite, as investors awaited the Fed's summary of economic projections and the updated quarterly rate projections — known as the dot plot —at the conclusion of a two-day policy meeting later in the day.

The U.S. central bank is expected to maintain current interest rates despite persistent inflation levels exceeding target range.

Investors were also reacting to positive inflation data from the region.

Preliminary data from Destatis showed German producer prices declined at a record pace in August mainly due to the base effect caused by the very high price level of the previous year.

The producer price index fell 12.6 percent year-over-year in August, much faster than the 6.0 percent decline in the prior month, which was the first decline since November 2020. That was in line with economists' expectations.

The euro appreciated to a 1-week high of 158.43 against the yen and a multi-week high of 0.9603 against the franc, from its early lows of 157.76 and 0.9581, respectively. The euro may challenge resistance around 163.00 against the yen and 0.98 against the franc.

The euro climbed to a multi-week high of 0.8659 against the pound, from an early 2-day low of 0.8610. Next key resistance for the currency may be located around the 0.88 level.

The euro edged up to 1.0705 against the greenback, reversing from a previous 2-day low of 1.0672. The currency is seen facing resistance around the 1.09 level.

In contrast, the euro pulled back against the loonie and was trading at 1.4369. If the euro falls further, it is likely to test support around the 1.42 level.

Against the kiwi and the aussie, the euro depreciated to a 1-1/2-month low of 1.7926 and a 5-day low of 1.6493, respectively. The euro is likely to challenge support around 1.78 against the kiwi and 1.62 against the aussie.

At 2:00 pm ET, the Fed announces its decision on interest rate. The central bank is expected to keep rates on hold in the range of 5.25 percent - 5.5 percent.

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