Bank of England’s response to the Fed's rate

Markets were relatively mixed on Friday following the volatility seen on Thursday after the FOMC announcement. As a result, the pound fell on the USD as the Bank of England’s response to the Fed’s rate hikes was to sit on their hands and leave interest rates of their own untouched for the foreseeable future. The pound was furthermore hampered over the weekend after Scottish First Minister Nicola Sturgeon told the Financial Times that another referendum on seceding from the UK will be held if her country is unable to remain within the EU single market following Brexit.

The Federal Reserve could wait until at least next summer before raising interest rates again, according to Wall Street economists. Expectations that a rate rise last week by the US central bank would be followed by three more next year were played down by the 31 economists surveyed, who predicted only two rises were likely.

Heavy schedule from US on Thursday

This week will see a wind down heading into Christmas although Thursday will be active, with a heavy schedule from the US, including the Q3 GDP, Durable Goods Orders, and Personal Consumption/Expenditure. Monday will kick off with the German IFO Business Climate/Expectations and that aside it will be mostly secondary data as we head towards the break.

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