The EUR/USD currency pair remained stuck within a tight daily range on Wednesday ahead of the outcome of the Federal Reserve’s and the European Central Bank’s policy meetings.
The Fed is widely expected to lower its federal funds rate target range by 25 basis points to 3.75%-4.00% at its October meeting.
In September, the Fed cut borrowing costs by 25 basis points and indicated another 50 basis points of rate cuts by the end of the year.
Investors will also be paying close attention to the press conference with Fed Chair Jerome Powell for clues over the timing of future interest rate cuts.
The Fed chief had described the September policy action as a risk-management cut addressing the weakening labor market. Powell had also said the central bank was in a “meeting-by-meeting situation” in regard to the rate outlook.
Meanwhile, the European Central Bank is largely expected to keep its main refinancing operations rate intact at 2.15% at its October 30th policy meeting.
And, the ECB deposit facility rate is expected to be kept at 2.00%.
Last month, ECB President Christine Lagarde said growth risks in the region were more balanced and the disinflationary process was over.
The EUR/USD currency pair was last down 0.04% on the day to trade at 1.1645.
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