The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened most major currencies in the Asian session on Wednesday, as traders await the U.S. inflation report and the Federal Reserve decision later in the day.

Economists expect consumer prices to inch up by 0.1 percent in May after climbing by 0.3 percent in April, while core consumer prices, which exclude food and energy prices, are expected to increase by 0.3 percent for the second straight month.

The annual rate of growth by consumer prices is expected to come in unchanged at 3.4 percent, but the annual rate of core consumer price growth is expected to slow to 3.5 percent in May from 3.6 percent in April.

The U.S. central bank is widely expected to leave interest rates unchanged, but traders will pay close attention to the accompanying statement as well as officials' latest projections for the economy and interest rates. Crude oil prices settled slightly higher, as caution reigned ahead of inventory data and the Federal Reserve's monetary policy announcement. West Texas Intermediate crude oil futures for July ended up by $0.16 at $77.90 a barrel.

In economic news, data from the National Bureau of Statistics showed that the consumer prices in China were up 0.3 percent on year in May. That was shy of expectations for 0.4 percent and unchanged from the previous month.

On a monthly basis, inflation fell 0.1 percent versus forecasts for a flat reading after rising 0.1 percent in April.

The bureau also said that producer prices slumped an annual 1.4 percent - exceeding forecasts for -1.5 percent following the 2.5 percent decline a month earlier.

In the Asian trading today, the Australian dollar rose to more than a 3-week high of 1.6220 against the euro and an 8-day high of 104.13 against the yen, from yesterday's closing quotes of 1.6259 and 103.81, respectively. If the aussie extends its uptrend, it is likely to find resistance around 1.61 against the euro and 106.00 against the yen.

Against the U.S. and the Canadian dollar, the aussie advanced to 5-day highs of 0.6622 and 0.9103 from Tuesday's closing quotes of 0.6606 and 0.9088, respectively. The aussie may test resistance around 0.68 against the greenback and 0.92 against the loonie.

The aussie edged up to 1.0770 against the NZ dollar, from yesterday's closing value of 1.0752. On the upside, 1.08 is seen as the next resistance level for the aussie.

The NZ dollar rose to a 6-day high of 96.69 against the yen and nearly a 4-month high of 1.7468 against the euro, from yesterday's closing quotes of 96.54 and 1.7482, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 98.00 against the yen and 1.73 against the euro.

Against the U.S. dollar, the kiwi edged up to 0.6149 from an early low of 0.6134. The next possible upside target for the kiwi is seen around the 0.62 area.

The Canadian dollar rose to an 8-day high of 114.43 against the yen and a 5-day high of 1.3742 against the U.S. dollar, from yesterday's closing quotes of 114.16 and 1.3758, respectively. If the loonie extends its uptrend, it is likely to find resistance 117.00 against the yen and 1.35 against the greenback.

Against the euro, the loonie edged up to 1.4764 from Tuesday's closing value of 1.4776. On the upside, 1.45 is seen as the next resistance level for the euro.

Looking ahead, the National Institute of Economic and Social Research will publish U.K. monthly GDP tracker at 6.00 am ET.

In the New York session, U.S. mortgage approvals data, CPI data for May, U.S. EIA crude oil data and U.S. Federal Reserve's monthly budget statement are slated for release.

At 2:00 pm ET, the U.S. Federal Reserve will announce its monetary policy decision. The central bank is expected to keep interest rates unchanged at 5.50 percent.

Half-an-hour later, the U.S. Federal Reserve chairman Jerome Powell will conduct a press conference.

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