Analysts expect rate hike following Fed’s meeting

Following the two-day November meeting, the US Federal Reserve System (FRS) will raise its base rate by 75 basis points for the fourth time in a row - this time to 3.75-4%. The decision of the Federal Open Market Committee will be published on November 2 evening, Report informs referring to analysts polled by the DailyFX portal.

Also, S&P Global will publish the final estimate of the PMI index of manufacturing activity in the area of ​​19 eurozone countries. Analysts expect the index to drop to 46.6 in October from 48.4 in September, the lowest in two years and four months, as preliminary estimates showed.

Date on changes in the number of jobs in US private companies for October, which will be published by the analytical company Automatic Data Processing (ADP), is also expected. The indicator is forecast to rise by 195,000 after September’s increase by 208,000.

In addition, on November 2, the Energy Information Administration of the US Department of Energy will publish data on commercial oil reserves in the country (excluding the strategic reserve) for the week ended October 28. Analysts believe that the figure rose by 0.27 million barrels and reached 440.2 million barrels.