India, Jan. 29 -- The U.S. dollar strengthened against other major currencies in the European session on Wednesday, as traders await the U.S. Fed's interest rate decision later in the day.
The Fed is widely expected to leave interest rates unchanged, but traders will pay watch for the accompanying statement for clues about the outlook for rates.
Recent economic data has led to concerns about the Fed leaving rates on hold for a prolonged period, but many economists still expect the central bank to resume cutting rates sometime in the first half of the year.
CME Group's FedWatch Tool is currently indicating a 74.5 percent chance rates will be lower by at least a quarter point following the Fed's June meeting.
Traders also focus their atte...