The Dollar is declining at a rapid pace, as the FED statements are yet to determine the further rate hike prospects. At the same time, Pound rose on the BOE decisions but is still being kept in the dark thanks to the Article 50 taking action.
Saudi Arabia reversed a third of its production cuts
Saudi Arabia reported to OPEC that it raised output above the levels seen in February, allowing oil prices to recover. Oil prices gained 1.5%, also finding support from a weaker dollar ahead of the FOMC meeting.
The pound plummeted on Tuesday, as the prospect of Britain triggering its exit from the European Union weighed on global markets, while demand for the dollar remained underpinned ahead of an expected FED rate hike on Wednesday.