We expect the Bank of England (BoE) to keep the Bank Rate unchanged at 5.25% on 2 November, which is in line with current market pricing. Overall, we
expect the MPC to stick to its previous guidance emphasising the higher for longer approach. We expect a muted reaction in EUR/GBP but see risks as tilted to the topside. We expect the Bank of England to keep the Bank Rate unchanged at 5.25% on 2 November. This is in line with current market pricing.
4% q/q and the downward revision in September for 0.1% q/q. Likewise, retail sales for September remain weak with retail sales ex auto fuels at -1.0% m/m . UK September inflation came in slightly higher than expected for both headline and core. In m/m SA terms, core inflation pressures remain muted at 0.04% while headline jumped higher to 0.5% on the back of an upward contribution from motor fuels. Importantly, inflation averaged 6.7% in Q3, which is lower than the BoE's forecast of 6.
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