By Eren Sengezer Here is what you need to know on Thursday, November 7: The US Dollar (USD) outperformed its major rivals on Wednesday as markets reacted to Donald Trump winning the US presidential election. Early Thursday, the USD Index corrects lower and fluctuates below 105.00 as investors gear up for the Federal Reserve's (Fed) monetary policy decisions. Additionally, the Bank of England (BoE) will release its Monetary Policy Report and announce the interest rate. The USD Index registered its largest one-day gain of the year, rising over 1.5% on the day on Wednesday. The benchmark 10-year US Treasury bond yield surged higher and gained nearly 4%. Additionally, Wall Street's main indexes rallied after the opening bell, with the S&P 500 Index ending the day 2.5% higher. The Fed is widely forecast to lower the policy rate by 25 basis points to the range of 4.5%-4.75%. Fed Chairman Jerome Powell will speak on the policy outlook and respond to questions in a press conference starting at 19:30 GMT. Ahead of the Fed decision, the US economic calendar will feature the weekly Initial Jobless Claims and Unit Labor Costs data for the third quarter.