The U.S. dollar traded lower against the most major currencies ahead of the Fed's monetary policy decision. Investors speculate that the Fed might remove "patient" from its outlook for monetary policy.
The euro traded higher against the U.S. dollar. Eurozone's unadjusted trade surplus fell to €7.9 billion in December from €23.9 billion in November. November's figure was revised down from a surplus of €24.3 billion.
Eurostat said that seasonally adjusted numbers were not available due to technical problems.
The British pound traded higher against the U.S. dollar. The U.K. unemployment rate remained unchanged at 5.7% in the November to January quarter. Analysts had expected the unemployment rate to decline to 5.6%.
The claimant count decreased by 31,000 people in February, in line with expectations, after a decrease of 39,400 people in January. January's figure was revised from a decline of 38,600.
Average weekly earnings, excluding bonuses, climbed by 1.6%.
Average weekly earnings, including bonuses, rose by 1.8%.
The Bank of England (BoE) released its last meeting minutes. All members voted to keep the central bank's monetary policy unchanged.
The U.K. Chancellor George Osborne announced the annual budget on Wednesday. He raised the economic growth forecasts for 2015 and next year. The growth forecast for 2015 was upgraded to 2.5% from the previous estimate 2.4%.
The economy in the U.K. is expected to expand 2.3% in 2016, up from 2.2%.
The Canadian dollar traded higher against the U.S. dollar. Wholesale sales dropped 3.1% in January, missing expectations for a 2.1% gain, after a 2.8% rise in December. December's figure was revised up from a 2.5% increase.
Sales declined in four of seven subsectors, driven by a in the sale of motor vehicles and parts.
The Swiss franc traded higher against the U.S. dollar. A survey by the ZEW Institute and Credit Suisse Group showed today that Switzerland's economic sentiment index rose to -37.9 points in March from -73.0 points in February.
The New Zealand dollar increased against the U.S. dollar. In the overnight trading session, the kiwi traded lower against the greenback after the weaker-than-expected current account data from New Zealand. New Zealand's current account deficit narrowed to NZ$3.19 billion in the fourth quarter from a deficit of NZ$5.02 billion in the third quarter. The third quarter's figure was revised down from a deficit of NZ$5.01 billion. Analysts had expected the current account deficit of NZ$3.12 billion.
The Australian dollar rose against the U.S. dollar. In the overnight trading session, the Aussie traded lower against the greenback in the absence of any major economic reports from Australia.
The Japanese yen climbed against the U.S. dollar. In the overnight trading session, the yen traded mixed against the greenback after the Bank of Japan's (BoJ) monthly economic report. The BoJ reiterated that Japan's economy continues to recover moderately.
Japanese exports grew in February, driven by a weaker yen and strength in the U.S. economy, though the pace of gains was smaller than in previous months. It was the sixth consecutive increase. Exports increased 2.4% in February from the previous year, while imports declined 3.6%.
Japan's adjusted trade deficit widened to ¥638.8 billion in February from a deficit of ¥412.3 billion in January. Analysts had expected a deficit of ¥1,210.00 billion.