High Volatility: FOMC Interest Rate Hike Decision is today

In the UK, the construction PMI for October is forecast to have declined somewhat.

Coming on top of the tumble in the manufacturing PMI for the same month, this may signal that the UK economy slowed somewhat in October, and thereby may bring GBP under renewed selling interest.

As for the US indicators, the ADP employment report for October is coming out, just two days ahead of the nonfarm payrolls.

The forecast is for the private sector to have gained 165k jobs, slightly more than the 154k print in September.

Although the ADP print is far from a reliable predictor of the NFP number, it could still raise speculation that the payrolls figure may also increase and perhaps meet its forecast of 175k.

This could support USD somewhat, at least on the news.

Today, the highlight will be the FOMC policy decision.

The forecast is for the Committee to keep the Fed funds rate unchanged.

Relatively hawkish language in the meeting statement that lays the groundwork for December, could ease the selling pressure on the dollar seen in the last few days.