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Sterling fell about 2% against the dollar on November 3, 2022, to around $1.1165 after the Bank of England raised rates by 75 basis points and forecast a recession lasting through the first half of 2024. The bank said rates may peak below the roughly 4.6% priced into markets.
The drop in sterling and the lower expected rate peak weaken UK currency purchasing power and signal weaker UK demand. The effect on feed markets is indirect and currency-driven.
cnbc.comJenni ReidNov 3, 2022Not enough comparable past events yet for a historical read.
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.
