Sterling extends losses as firmer U.S. dollar boosts rate hike bets

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11.11.2026

Sterling extends losses as firmer U.S. dollar boosts rate hike bets — Sterling slips on dollar strength

Currency markets are focusing on diverging central bank signals as the pound weakens against a broadly stronger U.S. dollar. Traders are also watching UK growth data due on Thursday, while higher oil prices add pressure for Britain as a net energy importer.

Highlights

Sterling drops 0.2% to $1.331, near a two-week low, extending a 0.7% decline from the previous session amid strong U.S. dollar gains.
The dollar index rises for a second consecutive day as U.S. inflation beats expectations in October, prompting traders to fully price in a 25-basis-point Fed rate hike next month.
Brent crude futures rise 1.4% on the day, increasing import cost pressures on the UK and adding further headwinds to sterling.

Dollar strength and sterling pressure

As reported by Reuters, sterling falls 0.2% to $1.331 on Wednesday, staying near a two-week low and adding to a 0.7% decline in the previous session.

The dollar index rises for a second straight day after U.S. consumer price data shows a bigger-than-expected increase in October, marking a third consecutive upside surprise. The U.S. currency also firms against most major peers as traders fully price in a 25-basis-point Federal Reserve rate increase next month, with the CME FedWatch Tool also indicating slim odds of a larger 50-basis-point move.

Another headwind for sterling comes from energy markets, with Brent crude futures up 1.4% on the day. That increase matters for the UK because it is a net energy importer, leaving the pound more exposed to higher import costs when oil prices rise.

BoE outlook and upcoming UK data

Investors are now looking to Britain's latest gross domestic product figures due on Thursday. A Reuters survey of economists points to 0.7% quarter-on-quarter growth in the third quarter, which would mark an improvement from the previous period.

The Bank of England raises interest rates last Thursday for the first time in more than three years in an almost unanimous decision, and analysts say those hawkish expectations have recently supported the pound. Rory Glass, an FX dealer at Marex in London, says central bankers are turning slightly more hawkish because of stronger concern that failing to contain inflation early could allow second-round price pressures to take hold.

Separate forecasts from a leading academic think-tank released late on Tuesday say the BoE will not return inflation to target before 2030, citing second-round effects on wages caused by the Iran war. Against the euro, sterling holds steady at 83.6 pence after falling in the previous four sessions, its longest losing run since early September.

We recently wrote about the November rate hike outlook as economists penciled in a Bank Rate move to 4.0%.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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