# British pound slides after Bank of England recession warning

> 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.

- Date: 2022-11-03 · published 2022-11-03T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/38917-british-pound-slides-after-bank-of-england-recession-warning
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

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.

## Read by commodity

- GBPUSD: bearish ▼

## Sources

- cnbc.com: https://www.cnbc.com/2022/11/03/british-pound-sinks-2percent-against-the-dollar-after-bank-of-england-recession-warning.html

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