The EUR/USD pair experienced a slight uptick in anticipation of the Federal Reserve meeting.
The main currency pair showed modest gains on Tuesday, with the current EUR/USD exchange rate at 1.0591.
At the start of the week, the US dollar weakened against major currencies. Market participants are now closely focused on the upcoming US Federal Reserve System meeting scheduled for Wednesday, as well as the eagerly anticipated employment sector data set to release on Friday.
Expectations are that the Federal Reserve will maintain a stable interest rate. As usual, the highlight of the meeting will be the speech by Fed Chair Jerome Powell. The current interest rate stands at 5.50% per annum.
Another significant event this week is the employment report set to be published on Friday. Following robust data in September, expectations are high, and a second consecutive month of strong figures could have a notable impact on the financial markets.
For now, Tuesday remains relatively calm. The Federal Reserve meeting commences today, but no major news is expected. In terms of economic statistics, the Consumer Confidence Index for October by the Conference Board is worth noting.
The post EUR/USD: Anticipation Grows Ahead of Federal Reserve Meeting: Overview for October 31, 2023 appeared first at R Blog – RoboForex.