LONDON, Nov 5 Reuters The global monetary easing cycle ground along in October, with central banks across developed and emerging economies lowering interest rates ahead of the year39;s biggest geopolitical event, the U.S. election.

Three of the four central banks overseeing the 10 most heavily traded currencies that held meetings in October lowered benchmarks. Central banks in New Zealand and Canada each shaved 50 basis points off their interest rates while the European Central Bank delivered a 25 bps cut.

Japan left rates unchanged while the U.S. Federal Reserve as well as central banks in Australia, Switzerland, Norway and the UK did not hold ratesetting meetings.

Attention has now moved on to how deep and how long the ratecutting cycle across developed markets will be.

The U.S. election results could play a key role in shaping U.S. and global monetary policy going forward, with the Fed widely expected to cut rates by 25 bps on Thursday.

Democrat contender Kamala Harris is seen as broadly maintaining the status quo in terms of growth and inflation in the world39;s largest economy. Republican candidate Donald Trump had pledged to ramp up trade tariffs, likely sparking a titfortat trade war, which would probably be inflationary and limit ratecutting potential.

Across emerging markets, 13 of the Reuters sample of 18 central banks in developing economies held ratesetting meetings in October. Six of them delivered cuts, with China, South Korea, Thailand, the…