• EUR/USD spun in place on Wednesday after Fed met expectations.
• The Fed continues to wait for signs of easing inflation, but looking hopeful.
• Friday’s US NFP to have extra weight after Fed flags labor data as key to rate cuts.

EUR/USD churned near key technical levels on Wednesday after the Federal Reserve (Fed) held rates steady for one last meeting as markets had broadly anticipated. The slow race to September’s Fed rate call kicks off on Friday with the latest print of US Nonfarm Payrolls (NFP) for July.

Read more: Jerome Powell speaks on rate outlook after keeping policy settings unchanged

EU data remains limited for the back half of the trading week, leaving investors to focus squarely on upcoming US NFP figures. Median market forecasts are hoping for a continued easing in the US jobs market, calling for net job additions of 175K in July, down from the previous print of 206K.