On Thursday, we could see the dollar index pull back from its highs, ending down 0.776% at 104.34, which also marked its biggest one-day gain since March 2020. I think the reason for this may be that Powell did not say that there may be a pause in rate cuts in the future, as predicted yesterday, and investors took profits on the "Trump trade". Treasury yields, on the other hand, gave up the previous day's gains, with the benchmark 10-year yield closing at 4.332%. The yield on the two-year Treasury note, which is more sensitive to monetary policy, closed at 4.199%. The number of Americans filing new claims for unemployment benefits rose and showed signs of rising, suggesting a slowdown in the labor market. The US dollar index has not breached the descending trendline and is currently under pressure. Here again, I don't expect the Fed to factor a Trump victory into its near-term interest rate decisions until it has more clarity on the new policy and its impact on inflation. Today's BOE rate decision The Monetary Policy Committee (MPC) is expected to vote 7:2 in favour of a quarter-point cut and keep its guidance rate relatively unchanged. EUR/USD: 1st support: 1.0747 1st resistance: 1.0859 2nd support: 1.0673 2nd resistance: 1.0897 GBP/USD: 1st support: 1.2914 1st resistance: 1.3053 2nd support: 1.2823 2nd resistance: 1.3101