Sterling Jumps Ahead of BOE Decision as Rate-Rise Looks Done Deal
Dow Jones10-30 19:50
1150 GMT - Sterling rises to a six-week high against the dollar and a 19-month high versus the euro as the Bank of England is widely expected to raise interest rates on Thursday. Markets are nearly fully pricing a 25 basis-point rate increase followed by more than three rises next year, exceeding pricing for the Federal Reserve and European Central Bank, LSEG data show. This week the Fed and ECB left rates unchanged and refrained from clearly signalling future possible tightening. Sterling is also supported by fresh AI concerns weakening the dollar and ongoing French debt concerns weighing on the euro. Sterling rises to as high as $1.3433 while the euro falls to as low as 0.8330 pounds, LSEG data show.
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