# Sterling drifts as BoE rate decision comes into focus

> Sterling was broadly steady against the dollar and euro as investors looked ahead to an expected Bank of England rate hike on Thursday, its first since August 2023. Brent crude fell about 4.5% to $108.37 on optimism about a diplomatic resolution to the Middle East conflict, but remained far above pre-Iran war levels.

- Date: 2026-11-02 · published 2026-11-02T21:12:01.623Z
- Category: macro · region GB · magnitude low
- Page: https://feedsoft.ai/events/75925-sterling-drifts-as-boe-rate-decision-comes-into-focus
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

The BoE is expected to tighten because energy-driven inflation is forecast to rise above 4%, which supports the pound. Crude's decline eases inflation pressure, but Brent remains elevated, keeping energy costs high for feed producers.

## Read by commodity

- DXY: neutral
- BRENT: bearish ▼
- GBPUSD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 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) | +2.6% | +5.9% |
| BRENT | 2019-09-18 | [Rand steadies as investors wait on US fed rates, stocks down - Moneyweb](https://feedsoft.ai/events/57365-rand-steadies-as-investors-wait-on-us-fed-rates-stocks-down-moneyweb.md) | -2.2% | -9.4% |
| BRENT | 2023-03-07 | [Oil and Gold Prices Slump As Powell Signals Further Rate Hikes to Come - Markets Insider](https://feedsoft.ai/events/36780-oil-and-gold-prices-slump-as-powell-signals-further-rate-hikes-to-come-markets.md) | -6.7% | -0.8% |
| BRENT | 2022-12-15 | [Oil prices slid 2% as dollar firms and central banks hike interest rates](https://feedsoft.ai/events/38152-oil-prices-slid-2-as-dollar-firms-and-central-banks-hike-interest-rates.md) | -2.2% | +1.6% |
| BRENT | 2020-10-12 | [Oil falls nearly 3% as production comes back online](https://feedsoft.ai/events/50803-oil-falls-nearly-3-as-production-comes-back-online.md) | -0.3% | -8.2% |
| DXY | 2022-02-24 | [Sterling falls below $1.36 as BoE tries to cool rate-hike bets \| Euronews](https://feedsoft.ai/events/42939-sterling-falls-below-1-36-as-boe-tries-to-cool-rate-hike-bets-euronews.md) | +1.0% | +1.2% |
| DXY | 2017-10-30 | [Trading The FOMC Interest Rate Decision, November 1, 2017 \| Investing.com](https://feedsoft.ai/events/68660-trading-the-fomc-interest-rate-decision-november-1-2017-investing-com.md) | -0.2% | -1.6% |
| DXY | 2021-09-23 | [BoE sees growing case for rate rise as inflation to stay higher for longer \| Reuters](https://feedsoft.ai/events/45307-boe-sees-growing-case-for-rate-rise-as-inflation-to-stay-higher-for-longer.md) | +1.0% | -0.0% |

## Sources

- live.euronext.com: https://live.euronext.com/en/financial-news/sterling-drifts-boe-rate-decision-comes-focus
- investing.com: https://www.investing.com/news/economy-news/sterling-drifts-as-boe-rate-decision-comes-into-focus-4991178
- investing.com: https://www.investing.com/news/economy-news/sterling-drifts-as-boe-rate-decision-comes-into-focus-4994741

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