Are any of the other queries running in this Macro also Update Queries?
Are those other ones working?
If they are, try creating a new query where you are just running this one Update Query, and see if that works.
If it does, then it may be the order of the queries you are running in your macro, that maybe it isn't finding anything at that point in time to update.
If that is the case, maybe try create a New Macro that runs ALL the steps up to that point, and stops there.
Then, go ahead and run that.
Now see if you can run your problem Update Query manually.
If not, inspect the query to see why the conditions are not being met (something in your other queries leading up to that point is probably changing the data in a way you may not be aware of).