Later in the day, Switzerland will report consumer inflation data. More US employment data is due with the weekly jobless claims, leading up to Friday's NFP. Here is what you need to know on Thursday, November 2: The Federal Reserve decided to keep the fed fund target range unchanged at 5.25% to 5.50%, which was in line with market expectations. The statement issued by the Fed was similar to the one released in September, and Chair Jerome Powell's remarks did not contain any surprises.
EUR/USD trim losses after the Fed. It traded under the critical support level of 1.0520 for a few minutes, and then rebounded to 1.0580, supported by the weaker US Dollar. GBP/USD remained flat around 1.2145 after briefly trading below 1.2100. The pair continues to move sideways with a downside bias. The Bank of England is expected to keep the key rate unchanged at 5.25%, with a potentially divided vote. Governor Andrew Bailey will hold a press conference following the decision.
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