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Global Markets: Bank of England hikes rates

By Commodity News Service Canada
WINNIPEG, Nov. 2, 2017 (CNS) – The following is a glance at
the news moving markets in Canada and globally.
The Bank of England has raised its rates for the first time
in more than a decade. Its nine rate-setters voted seven to two
to increase the benchmark Bank Rate to 0.50 per cent from 0.25
percent, reversing the emergency cut made in August, 2016
following the British vote to leave the European Union. This is
the first time the Bank of England has increased borrowings

rates since 2007, before the global financial crisis hit which
tipped Britain into a recession.
United States President Donald Trump is expected to
nominate Federal Reserve Board Governor Jerome Powell to be the
next chair of the U.S. central bank Thursday. Powell, has been a
Federal governor since 2012, and has yet to cast a dissenting
vote against the Federal Open Market Committee’s decisions on
monetary policy. His views are seen to be in line with the
current chair, Janet Yellen.
The digital currency bitcoin rocketed to above US$7,000 for
the first time ever Thursday. The rally was driven by news
earlier this week that the world’s largest derivatives exchange
operator CME Group will be launching bitcoin futures.

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