By Rocky Swift

TOKYO (Reuters) -The dollar was on the defensive, shares edged lower, and gold scaled new heights on Wednesday as global markets counted down to an anticipated rate cut by the Federal Reserve later in the day and waited on signals around the extent of future easing.

The euro surged to a four-year high against the greenback in the prior session on the Fed easing bets, while oil remained firm following Ukrainian drone attacks on Russian refineries and ports.

The Fed is expected to cut its benchmark interest rate by a quarter of a percentage point to the 4.00%-4.25% range at the end of its monetary policy meeting later in the global day. The main focus beyond the rate decision will be on Chair Jerome Powell’s comments on the outlook for U.S. monetary policy.

“Markets are ef

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