Analysts now expect that the bank will start hiking interest rates in the coming meeting. The bank decided to continue with the current pace of asset purchases. Like the Federal Reserve, the BOE decided to leave interest rates unchanged at 0.10%. The British pound declined against the US dollar and other currencies after the relatively dovish interest rate decision by the Bank of England. Also, they expect the data to show that the unemployment rate dropped to 4.7%. Analysts expect the data to show that the economy created more than 500k jobs while wages rose by 4.9% in June. On Wednesday, data by ADP showed that the US economy created more than 540,000 jobs in October as the labor market continued to tighten. The currency also rose as investors waited for the upcoming jobs numbers. Analysts believe that the Fed will start hiking interest rates earlier than expected. The US dollar rose against other currencies like the euro, Swiss franc, and Canadian dollar because of the Fed decision.

Stocks remained relatively unchanged because the actions by the Fed were already priced in. The bank hopes to conclude the tapering process by mid-next year. In its decision on Wednesday, the Fed left interest rates unchanged and then started tapering its asset purchases by about $15 billion. Similarly, in the United States, futures tied to the Dow Jones declined by 11 points while those linked to the S&P 500 and Nasdaq 100 index rose by about 0.20%. In Europe, the DAX, FTSE 100, and CAC 40 indices were up by less than 0.25%.

Global stocks were relatively unchanged on Thursday as investors reacted to the relatively hawkish interest rate decision by the Fed.

Fallout 4 crashes when saving