Aussie makes small gains over sterling

The aussie made small gains against the pound yesterday, as investors wait on the sidelines ahead of the Federal Reserve’s policy decision due this evening.

• The US Fed is set to issue a statement after its latest policy meeting at 19.15 BST today, with some investors suggesting the central bank may try and curb speculation of any policy tightening this year.
  
• Traders are also wary of taking large aussie positions at present, as they are undecided about whether recent weakness in equity markets was just a short-term pull-back, or the start of a more protracted decline.