Market insights

Market Comment -3rd November 2022

Good morning,

GBP rates are almost certain to move today at 12 noon as the Bank of England releases its interest rate decision. Analysts are expecting a 0.75% hike to 3%. Anything outside of that could cause a big move.

Yesterday saw a big move for GBP/USD on the back of the FED hike of 0.75%, so we are expecting similar later today. The rate decision coincides with the Bank of England monetary policy report, the asset purchase facility and the monetary policy committee vote. The vote is expected to be unanimously nine to zero in favour of the 0.75% expectation, so this will also be a much followed number.

The Bank of England Governor, Andrew Bailey, then gives his speech half an hour later which coincides with the US's initial jobless claims which could help bolster GBP/USD rates.

As if that wasn't enough there's also the US ISM Services PMI out mid afternoon so expect a continuance of the volatility expected today.


Today’s Economic Calendar

UK: 12:00 BoE Interest Rate Decision

UK: 12:00 Monetary Policy Report

UK: 12:00 BoE Asset Purchase Program

UK: 12:00 MPC Vote Count

UK: 12:30 BoE Governor Speech

US: 12:30 Initial Jobless Claims

US: 14:00 ISM Services PMI


As ever we look forward to keeping you in the loop and look out for our next update.

Our friendly currency experts are here to assist you and guide you through the markets, we offer a first-class service and even an online platform so you can monitor your transaction in real time.

Our business ethos is based on bank beating rates and fantastic customer service, click the link below for a no obligation quotation and see the savings for yourself.

Get your free quote now

Economic calendar

Open a free account

It is free and easy