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The Day Ahead: Top 3 Things to Watch

Published 2017-11-01, 05:38 p/m
Updated 2017-11-01, 06:03 p/m
© Reuters.  What to watch out for in tomorrow's session

© Reuters. What to watch out for in tomorrow's session

It’s interest rate decision day in the UK

The Bank of England’s Monetary Policy Committee will reveal its decision on interest rates on Thursday amid growing expectations that the central bank will raise its benchmark rate for the first time in more than decade.

The Bank of England (BoE) is expected to raise interest rates by 0.25% to 0.5% on Thursday to combat a surge inflation, which rose to 3% in September, well above the Bank of England target of 2%.

As well as interest rate decision, traders are expected to closely parse the BoE minutes to gauge the monetary policy committee members’ appetite for additional monetary policy tightening as the central bank is expected to raise its estimates on both growth and inflation.

The minutes and interest rate decision will be followed by a speech from BoE governor Mark Carney..

GBP/USD retreated on Wednesday to $1.3245.

Yellen to get the boot?

President Donald Trump is expected to announce his pick for the Fed’s top post on Thursday amid mounting speculation that Governor Jerome Powell is set to get the nod.

If Powell gets the nod, he would replace Janet Yellen as the head of the Federal Reserve, after her term ends on Feb. 3. Powell is widely expected to adopt a similar stance to current Fed chair Yellen on monetary policy.

Monetary policy will remain in focus as FOMC members Jerome Powell, William Dudley and Raphael Bostic are slated to deliver speeches no Thursday, a day after the Fed left its benchmark rate unchanged.

The dollar traded higher against its rivals rising 0.23% to 94.70.

Facebook to slump on market open?

Facebook revealed third quarter earnings late Wednesday that beat expectations on both the top and bottom line.

Facebook reported earnings per of $1.59 per share on $10.33 billion in revenue, above consensus estimates of earnings of $1.28 per share on $9.87 billion in revenue.

Facebook warned, however, that future profit will be impacted by increased investments in security.

Shares of Facebook Inc (NASDAQ:FB) fell more than 1% in late trade.

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