The US Federal Reserve reiterated its dovish stance on interest rates yesterday (November 4th) with a pledge to keep rates low for the foreseeable future.Following the announcement, the dollar retreated from its one-month high against a basket of currencies as confidence returned to foreign exchange markets.The dollar has risen sharply in recent weeks on the back of haven-buying activity stoked by fears that central banks would start to remove fiscal stimulus measures as global economic conditions improved.Speaking to the Financial Times, James Knightley, an analyst at ING Financial Markets, said attention will be turning to the Bank of England's Monetary Policy Committee, which will today decide whether to maintain or extend its loose monetary policy."With numerous headwinds still facing the consumer [...] and the inflation backdrop remaining benign we still believe that there will be a small majority at the Bank voting to pump in an extra £50bn into the economy," he commented.The group will also vote on whether to maintain interest rates at the current 315-year low of 0.5 per cent.