The Bank of England could halt sterling in its tracks. REUTERS/Peter Nicholls
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What is the outlook for oil and metals? A slumping oil price heading down to the lowest levels this year has overshadowed upbeat earnings from international energy companies for the first quarter. Metal prices have slumped 5.4 per cent over the past month, according to an index traded on the London Metal Exchange, driven by tightening liquidity in China and concern over its property market.After 211,000 job gains for April, albeit accompanied by slower wages growth, the bond market fully expects June will spur another tightening in monetary policy from the Fed.Having been on the right side of rate calls in recent years, bond traders have lagged behind the Fed so far this year.The market is not anticipating a rate rise until 2019 but there is much for the market to digest on Thursday, especially the quarterly inflation report which will have plenty of new evidence to assess, such as a rising pound, falling oil prices, softer consumer spending, sluggish pay growth and housing activity and steady global growth.
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