Bank of England signals imminent rate hike after inflation surprise | IFCM
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Bank of England signals imminent rate hike after inflation surprise

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US stock market and the US dollar index of ICE London exchange resumed growth as the damage from Hurricane Irma appeared less severe than feared. The SP 500 ended the week 1.5% higher and the US dollar index inched up 0.5% for the week.

The SP 500 jumped 1.1% Monday and closed at record highs two sessions in a row next two days as concerns about hurricane damages and tensions in the Korean Peninsula receded. It ended 0.1% lower on Thursday, but erased the loss closing 0.13% higher Friday despite a report US retail sales declined 0.2% in August.

The ICE dollar index rose 0.6% on Monday as tensions eased after North Korea refrained from a missile launch over weekend. USDIDX slipped 0.1% Tuesday followed by 0.5% gain next day on 0.2% increase in producer price index in August. It fell 0.3% Thursday despite 0.4% rise in consumer prices in August instead of an expected 0.3% gain. The decline was due to 1.5% jump in British Pound against the dollar after the Bank of England signaled a rate hike was on the way as headline inflation hit 2.9% in August. USDIDX lost 0.3% on Friday as Pound rallied 1.4% against the dollar. The major events this week are: the Federal Reserve Bank and Bank of Japan interest rate decisions on Wednesday and Thursday respectively. While no changes in interest rates are expected traders will focus on details of Fed’s plans for expected start of shrinking its $4.5 trillion balance sheet.

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