- The euro slipped lower against the dollar on Wednesday ahead of the Federal Reserve’s policy decision later in the trading day, amid expectations for another cut to the bank’s stimulus program.

EUR/USD hit session lows of 1.3629 and was last down 0.27% to 1.3633.

The pair was likely to find support at 1.3500 and resistance at 1.3990, Tuesday’s high.

The U.S. central bank was expected to roll back its asset purchase program by another $10 billion, to $65 billion per month. The central bank announced the first cut to its stimulus program in December.

Lingering concerns over emerging markets weighed on market sentiment as the Turkish lira retraced gains against the dollar, after spiking almost 4% overnight when Turkey’s central bank unveiled massive interest rate hikes.

Emerging markets economies have been hard hit in recent sessions by worries over the impact of cuts in Fed stimulus and concerns over a possible slowdown in China.

Elsewhere, the euro fell against the yen, with EUR/JPY down 0.52% to 139.97 and was slightly lower against the pound, with EUR/GBP dipping 0.07% to 0.8237.

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