# UPDATE 2-Sterling slips after BoE hints rates near peak | Kitco News

> The Bank of England raised its rate 50 basis points to 4.00%, its highest since 2008, while hinting rates were near peak. Sterling initially rose, then fell 0.6% to $1.2296 as the ECB also hiked 50 basis points and signaled another move in March.

- Date: 2023-02-02 · published 2023-02-02T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/37574-update-2-sterling-slips-after-boe-hints-rates-near-peak-kitco-news
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Synchronized tightening by major central banks strengthens the dollar and weighs on dollar-priced commodities, though feed-specific impact is small. The effect on feed prices runs mainly through currency and financing conditions.

## Read by commodity

- EURUSD: neutral
- GBPUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2026-10-26 | [MARKET UPDATE OATs open with gains of c. 70 ticks, after Moody's held the rating steady on Friday \| Newsquawk](https://feedsoft.ai/events/465-market-update-oats-open-with-gains-of-c-70-ticks-after-moody-s-held-the-rating.md) | -0.3% | — |
| EURUSD | 2019-03-29 | [UPDATE 1-Sterling falters as PM May puts stripped-down Brexit deal to vote](https://feedsoft.ai/events/60339-update-1-sterling-falters-as-pm-may-puts-stripped-down-brexit-deal-to-vote.md) | -0.2% | -0.9% |
| EURUSD | 2023-10-26 | [ECB holds interest rates steady after 10 consecutive hikes](https://feedsoft.ai/events/33843-ecb-holds-interest-rates-steady-after-10-consecutive-hikes.md) | -0.4% | +3.3% |
| EURUSD | 2023-10-26 | [ECB snaps rate-hike streak, pushes back on talk of cuts \| Reuters](https://feedsoft.ai/events/33839-ecb-snaps-rate-hike-streak-pushes-back-on-talk-of-cuts-reuters.md) | -0.4% | +3.3% |
| EURUSD | 2020-04-30 | [Pound-Dollar Protected By Dovish FED, Focus For Sterling-Euro Rate Outlook On ECB And UK Lockdown \| Exchange Rates UK](https://feedsoft.ai/events/53871-pound-dollar-protected-by-dovish-fed-focus-for-sterling-euro-rate-outlook-on.md) | -0.4% | +2.0% |

## Sources

- kitco.com: https://www.kitco.com/news/off-the-wire/2023-02-02/update-2-sterling-slips-after-boe-hints-rates-near-peak

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.