# Sterling tanks as BOE hikes rates but signals only gradual increases in future

> Sterling fell more than 1% against the dollar after the Bank of England raised rates to 0.5% with seven members in favour. The bank said future increases would be gradual and limited, and the pound traded near $1.31.

- Date: 2017-11-02 · published 2017-11-02T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/68232-sterling-tanks-as-boe-hikes-rates-but-signals-only-gradual-increases-in-future
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

A weaker pound against the dollar tends to lift the dollar's relative strength, which can pressure dollar-denominated grain and meal prices in export markets.

## Read by commodity

- DXY: bullish ▲
- GBPUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2017-01-19 | [Gold under pressure as Fed's Yellen backs gradual rate hikes \| Reuters](https://feedsoft.ai/events/72903-gold-under-pressure-as-fed-s-yellen-backs-gradual-rate-hikes-reuters.md) | -0.4% | -1.5% |
| DXY | 2023-06-14 | [US dollar falls, but off four-week lows, as Fed signals more rate hikes \| Reuters](https://feedsoft.ai/events/35412-us-dollar-falls-but-off-four-week-lows-as-fed-signals-more-rate-hikes-reuters.md) | -0.4% | -1.7% |
| DXY | 2022-12-15 | [Sterling falls after BoE's ninth consecutive rate hike](https://feedsoft.ai/events/38476-sterling-falls-after-boe-s-ninth-consecutive-rate-hike.md) | +0.4% | -2.2% |
| DXY | 2026-07-28 | [Sterling slips as oil slides, US rate hike bets grow \| MarketScreener UK](https://feedsoft.ai/events/18614-sterling-slips-as-oil-slides-us-rate-hike-bets-grow-marketscreener-uk.md) | -0.9% | -2.0% |
| DXY | 2022-01-27 | [Stocks shed gains, Treasury yields jump as Fed signals rate hikes could come 'soon'](https://feedsoft.ai/events/43046-stocks-shed-gains-treasury-yields-jump-as-fed-signals-rate-hikes-could-come-soon.md) | +0.1% | +0.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2017/11/02/sterling-tanks-as-boe-hikes-rates.html

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