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Market Reports

8:25am, November 4th 2022

Bank Raises 0.75%

The Bank of England raised interest rates for the 8th successive meeting yesterday, opting for a jumbo 75 basis point increase, taking the benchmark up to 3.0%.

The rate rise did not follow in the footsteps of the Fed’s hawkish move on Wednesday with the Bank of England warning markets about the possibility they were miss-pricing rate expectations to the upside. As a result, the pound had a bad day, losing well over 2 cents against the buck and 1.2 versus the shared currency.

As we enter Friday’s trading session all eyes will be on the US which sees its latest non-farm payrolls report released, representing October data. Forecasts are for an increase of 200,000 jobs with the unemployment rate to tick up slightly to 3.6%. It should be an interesting end to what’s already been an eventful week.

Have a great weekend.

Written by Viv Savani. 8:25am, November 4th 2022

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

Previous Reports

8:26am, November 16th 2022

US Dollar Slides As Rate Hike Bets Fall

View Report
7:11am, November 28th 2022

US Employment Data Awaits

View Report
8:21am, December 5th 2022

Greenback in the Spotlight

View Report

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