EUR continues retreat. Overview for 02.11.2022

On Wednesday, the market major is decreasing moderately, while the market is waiting for the decision of the Federal Reserve System. The current quote is 0.9870.

The demand for the US currency is growing before the two-day meeting of the US Fed ends. Almost without a doubt, the rate will be raised by 75 base points to 4% annual. The main intrigue is what the Fed will say about its further steps.

As for today, the US start publishing fresh labour market statistics for October. The first one to come out will be the NFP by ADP. The forecast implies growth by 178 thousand against the preceding growth by 208 thousand. We will be looking at the details anyway.

All the main market reactions will happen after the Fed reports increase in the rate and speaks about future decisions. Until then, EURUSD will be saving power and consolidating in the range.