FXStreet reported sterling near $1.3370 against the U.S. dollar in Asian trading Monday, following the Bank of England’s latest rate rise and a U.S. jobs gain that topped expectations.
The outlet’s update was timestamped 8:55 p.m. ET Sunday, Nov. 8 (01:55 UTC Monday, Nov. 9). FXStreet said the currency pair had risen after two consecutive sessions of losses.
The U.S. Bureau of Labor Statistics said employers added 165,000 jobs in October, while unemployment stood at 4.1%. October’s increase was more than three times the monthly pace recorded on average during the previous year. Economists surveyed by Reuters had expected a 65,000-job increase, Reuters reported.
At its Nov. 4 meeting, the Bank of England set its benchmark Bank Rate at 4%, a quarter-point above its previous level. Eight members of its Monetary Policy Committee backed that decision; Catherine L Mann favored a half-point increase to 4.25%.
The Bank said U.K. inflation was 3.5% in September and could rise to about 5% by mid-2027. It linked the outlook in part to higher global energy prices amid the conflict in the Middle East, and said it would watch how those costs affect other prices and wages as it pursues its 2% inflation target. Bank of England Gov. Andrew Bailey said another rate increase could be warranted if inflation risks did not ease, with later decisions depending on energy prices and inflation trends.
The Bank’s minutes said higher energy prices were adding to household and business bills. Monetary Policy Committee member Swati Dhingra said energy costs and higher mortgage rates were weighing on real disposable incomes and limiting consumption growth. The Bank said its policy path was not set in advance.
EconoTimes previously covered sterling ahead of the Bank of England’s November rate decision.
The Bank’s next rate decision is scheduled for Dec. 17. The next U.S. employment report is due Dec. 4 at 8:30 a.m. ET.
