UK: Weekly FX Market Update 9 November 2026

GBP

• The Bank of England hiked rates to 4% last week. What should have been a bullish move saw GBPUSD decline.

• Bloomberg analysts point to the risk that higher interest rates weigh on an already weak UK economy.

• Investors can look to US CPI on Tuesday and UK GDP on Thursday for GBPUSD direction this week.

EUR

• The French budget is voted down in Parliament; there are protesters in Paris again. EURUSD falls.

• Sentix Investor confidence on Monday and Flash Eurozone GDP on Friday can provide motivation.

• Will French budget worries continue to push EURUSD lower?

USD

• Congress will be run by Democrats from January 2027.

• They were elected on the premise of getting inflation down & slowing AI data centre build-outs.

• Combating inflation may force the Fed to hike US interest rates, while there can be moves in Congress to stop the Iran war.

• Will we get a stronger US Dollar on higher US interest rates or a weaker US Dollar as an AI slowdown and a possible end to the Iran conflict are taken into consideration?

Mon Nov 9

09:30 EUR Sentix Investor Confidence

15:00 USD FOMC Goolsbee Speaks

17:25 GBP BoE Gov Bailey Speaks

Tue Nov 10

09:00 USD FOMC Waller Speaks

12:30 GBP MPC Lombardelli Speaks

13:30 USD CPI

14:35 USD FOMC Logan Speaks

18:30 GBP MPC Pill Speaks

Wed Nov 11

All Day US/France/Canada Bank Holiday

08:20 EUR Bundesbank President Nagel Speaks

Thu Nov 12

07:00 GBP GDP/Goods Trade Balance/Industrial Production

13:30 USD Unemployment Claims

16:30 USD FOMC Goolsbee Speaks

23:30 USD FOMC Williams Speaks

Fri Nov 13

10:00 EUR Flash GDP

13:30 USD PPI

17:00 USD FOMC Daly Speaks