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Global stocks were steady while the dollar strengthened Wednesday as investors prepared to parse the Federal Reserve's latest views on the U.S. economy and the course of interest rates.

Moves were muted ahead of the Fed announcement, with the Stoxx Europe 600 inching up 0.2% in early trade. Energy companies gained as oil prices recovered, while shares of auto makers were up as the euro weakened against the dollar. A weaker currency tends to boost shares of exporters.

The U.S. central bank concludes its two-day monetary policy meeting later Wednesday. While no change to interest rates is expected, investors will assess the bank's policy statement and economic projections as well as Chairwoman Janet Yellen's news conference for guidance on what Fed officials will do next.

Recent U.S. economic data, including a strong jobs report, have helped boost expectations among investors that the Fed will raise rates later in the year.

In currencies, the euro was last down 0.3% against the dollar at $1.1079. The dollar was up 0.5% against the yen at ¥ 113.7080 after Bank of Japan Gov. Haruhiko Kuroda said the bank is prepared to launch additional easing measures.

The British pound fell 0.4% against the dollar to $1.4100. The U.K.'s FTSE 100 was up 0.4% as investors prepared for Chancellor George Osborne to unveil fresh budget measures for the U.K. economy later in the day.

Earlier, shares in China edged up after Premier Li Keqiang said it is "impossible" for China not to realize its economic targets. Japan's Nikkei Stock Average fell 0.8%, while Australia's S&P ASX 200 edged higher following an uneventful session on Wall Street.

Write to Riva Gold at riva.gold@wsj.com

(END) Dow Jones Newswires

March 16, 2016 05:05 ET (09:05 GMT)

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