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MUFG's Lee Hardman said the pound benefited from broad dollar weakness after the US midterm elections, with GBP/USD briefly above 1.3500 and EUR/GBP near 0.8300. Markets expected the Bank of England to deliver its first rate hike since the US-Iran conflict began, with a 25 bp move almost fully priced.
Higher UK rates and a softer dollar shape currency conversion for sterling and dollar-priced feed imports. MUFG expects fewer BoE hikes than priced after oil fell sharply, which limits how far sterling strength can extend.
fxstreet.comFXStreet Insights TeamNov 5, 2026Not enough comparable past events yet for a historical read.
After 359 past neutral macro events, US Dollar (Broad) moved a median -0.0% over 5 sessions (49% higher; middle half -0.4% to +0.4%), and -0.1% over 20.
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.
