Risk-on returns ahead of Fed; futures rise as dip buyers emerge

Global equity futures advanced and risk currencies strengthened as investors positioned ahead of today's Federal Reserve decision. S&P 500 futures gained 0.6%, supporting risk-sensitive currencies like AUD and NZD. AUD/USD climbed 0.4% to 0.6520, while NZD/USD added 0.3% to 0.6180. The improved sentiment reflects market expectations for a dovish Fed stance despite recent inflation concerns. EUR/USD stabilized near 1.0830, finding support from the positive risk environment. USD/JPY edged higher to 157.20 as safe-haven demand waned. Market participants appear confident the Fed will maintain its patient approach to policy normalization. The return of dip buyers suggests underlying bullish sentiment, though volatility may spike post-Fed announcement.