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Sterling extended losses after the Bank of England raised rates by 50 basis points, with two of nine policymakers voting for no change. The pound fell as much as 1.1% against the dollar to $1.228, while the euro rose more than 1% against sterling after the ECB signalled further hikes.
The split vote suggests the BoE may peak lower than expected, which weakens sterling against the dollar and euro. Currency moves of this size shift the import cost of US-priced feed ingredients for UK buyers.
irishexaminer.comAlice Gledhill, Naomi TajitsuDec 15, 2022Not enough comparable past events yet for a historical read.
After 388 past bullish macro events, Euro (USD per EUR) moved a median +0.3% over 5 sessions (62% higher; middle half -0.4% to +1.1%), and +0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
