The Federal Reserve reiterated its aim to achieve a "timely return" to its 2% inflation target.

EUR/USD slipped to about 1.1140 in Asian trade after an earlier uptick as the dollar rebounded following the Fed's decision to keep rates unchanged. Markets expect the ECB to hold the deposit rate at 2.50% on Thursday after 50bps of hikes year-to-date, but energy-driven inflation keeps a December rate move in play. Danske Bank says the ECB's Q3 bank lending survey shows policy moves have so far had limited effect on credit conditions: banks tightened standards more than expected, but the net share reporting tighter lending remains low by historical standards and is concentrated in France. That suggests current tightening has only modestly tightened credit and, with transmission still relatively smooth, should not on its own preclude further ECB tightening.

BOC Governor Macklem: Canada’s inf outlook has deteriorated, while the growth outlook has slightly improved.