FXstreet.com (Barcelona) - Asian markets are going through minor declines on Tuesday as caution dominates ahead of the two-day monetary policy meting by the Federal Reserve. Euro and pound have been trading in range.

Hong Kong's Hang Seng Index has dropped 0.6%, while South Korean Kospi Index fell 0.3% while Chinese Shangai Composite Index rose 0.9%. Markets in Japan remained closed for National Holiday.

In Australia, The RBA approved its second rate hike after the economic crisis, the Bank raised rates from 3.25% to 3.5%, as widely expected. Australian S&P Index, as a consequence dipped 0.2% weighed by Financials. National Bank of Australia, dropped 1.8%, while Westpac Banking Corp, the second largest bank lost 0.6%.

Euro and Pound, in range

EUR/USD rose on Monday's U.S. session to 1.4845 high, buoyed by positive U.S. manufacturing and housing data, although, unable to break above 1.4845/60 resistance area, the pair declined to 1.4725 afterwards to move, during Asian session, in a range from 1.4770 and 1.4815.

GBP/USD has remained moving nervously, roughly from 1.6350 to 1.6440 on the upside, after its decline from 1.64890 high on Monday. Art the moment, the pair trades at 1.6345, about to test Monday's low at 1.6330.

USD/JPY recovery from 89.15 low on Monday's early Asian session, met resistance at 90.70 on Monday's U.S. session, and the pair eased to 90.15, to remain moving, during Tuesday's Asian session, from the mentioned 90.15 to 90.50.