Investors stayed on the sidelines ahead of the Fed meeting and caution took hold as policymakers might announce yield curve control measures.
The US economy concluded its longest expansion in history in February and since then has entered recession because of the coronavirus pandemic.
Economic data have significantly improved as economies went through the worst and are gradually getting back to business but the economic outlook remains uncertain.
The world markets rally halted amid ECB stimulus expectations which had supported investor confidence in a global financial recovery from the coronavirus pandemic.
The strengthening of the riskier assets along with the weakness of the safe-haven dollar suggests that investors’ risk appetite is back.