EUR-USD edged out a five-day low at 1.1829, extending the retreat from yesterday’s 1.1901 six-day peak. Expectations for the Fed to present upward revisions to U.S. economic projections at the conclusion of the FOMC meeting today, along with recent signs that the ECB is concerned about the euro, or at least would be if rising EUR-USD trend resumed, has made the market more cautious. USD-JPY edged out a 19-day low at 105.25, which is the culmination of a three consecutive day run lower from levels above 106.00.

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