Euro area inflation hits 4%, gold holds above $4,000 and the Bank of England decides today
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FX news today is about the Bank of England, which decides at 12:00 UK time, after euro area inflation reached 4% and gold held above $4,000. The dollar stayed near a one month low after the midterm result, and the US services survey cooled a little.
Below: the inflation figures, the moves in gold and the main pairs, and a short timetable for the BoE and payrolls with ET alongside UK time. Levels for gold and the majors appear in the free Forexuro Telegram channel each trading day.
Free on Telegram. Gold, pound and dollar levels around the Bank of England decision, with entry, stop and three targets.
Euro area inflation reaches 4%
Euro area inflation rose to 4.0% in October from 3.8% in September, Eurostat's flash estimate showed, the first reading at or above 4% since September 2023. Energy prices were up 20.8% on the year, services inflation edged up to 3.3% and food, alcohol and tobacco rose to 1.6%. Core inflation held at 2.5%, in line with forecasts in a Reuters poll.
Markets priced a little over a 72% chance of an ECB rate rise at its December meeting after the release, CNBC reported, up from 71.8% just before. For a refresher on why core matters more to central banks than energy, see our guide to CPI and PPI data.
Gold and the dollar after the midterm result
Spot gold climbed about 3.4% on Wednesday, its biggest daily gain since 19 August, after falling to $3,869.85 on 30 October. It added another 1.6% to $4,123.71 an ounce by 06:09 UK time on Thursday, the highest since 20 October, as the dollar and Treasury yields eased, Reuters reported. On our price feed at 07:13 UK time gold traded near $4,127, EUR/USD near 1.1260, GBP/USD near 1.3494 and USD/JPY near 157.93, with our dollar index near 101.3. On Wednesday CME FedWatch still showed about an 83% chance of a Fed rate rise in December.
The ISM services index slipped to 54.5 in October from 54.9, below the 54.8 forecast, while the prices paid index eased to a still high 73.0. Every closed gold trade we have called sits on the XAU/USD signal results page. Before sizing a position on a day like this, the gold pip value calculator converts your stop into a lot size.
FX news today: Thursday and Friday in UK time and ET
| Release | Time in the UK | New York time |
|---|---|---|
| Bank of England decision and Monetary Policy Report | Thu 5 Nov, 12:00 | 7:00am |
| US weekly jobless claims | Thu 5 Nov, 13:30 | 8:30am |
| US non farm payrolls, October | Fri 6 Nov, 13:30 | 8:30am |
A Reuters poll points to a quarter point rise in Bank Rate to 4.0% from 3.75%; the last increase came in August 2023. Our BoE preview sets out the scenarios for the pound, while our economic calendar lists the rest of the week.
How Forexuro covers the day
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Official sources
Official pages for the decisions, data and schedules behind this report.
- Eurostat flash estimate for October 2026, euro area inflation
- Bank of England MPC dates, decision timetable
- US Bureau of Labor Statistics release schedule, employment report dates
Frequently asked questions
What was euro area inflation in October 2026?
Eurostat's flash estimate put annual inflation at 4.0%, up from 3.8% in September, with core inflation steady at 2.5%.
What time does the Bank of England announce its decision on 5 November 2026?
Noon UK time (7:00am ET), together with the November Monetary Policy Report.
Where is gold before the Bank of England decision?
Gold gained about 3.4% on Wednesday 4 November and traded near $4,127 an ounce on our feed at 07:13 UK time on Thursday, its highest level since 20 October.
Sources
- Reuters via Investing.com: Euro zone inflation rises to three year high
- CNBC: Euro zone inflation hits 4% for first time in three years
- Reuters via Investing.com: Gold heads for biggest daily gain since August
- Reuters via CNBC: Gold hits two week high as dollar, yields ease after US midterms
- Reuters via Investing.com: US services sector activity cools slightly
- Reuters via Investing.com: Bank of England poised to raise rates
- Data for the charts: XAU/USD hourly spot prices as stored on Forexuro; euro area HICP annual rates from the Eurostat flash release of 4 November 2026.
Keep reading
Economic calendar · Gold today · Central banks table · XAU/USD signal results