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The Bank of England is widely expected to raise its policy rate by 25 basis points, with markets almost fully pricing the move. UK inflation is at 3.5% and services inflation has risen to 3.7% from 3.4%, both above the 2% target.
Markets are pricing three to four further hikes, so the guidance in the minutes and governor's press conference will shape expectations.
Higher UK rates tend to support sterling, which affects the GBP cross rates and the cost of dollar-linked commodity imports for UK and European buyers. If policymakers push back on aggressive hike expectations, the sterling rally could fade.
stonex.comFiona CincottaNov 3, 2026Not 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.
