JP Morgan Research previews the November BoE meeting on Thursday.

"BoE (Thu Nov 5; JPM: +25bp) Widely expected and priced by markets to hike Bank Rate 25bps at Thursday’s meeting and there are additional hawkish risks for GBP in our view, coming from the guidance. Our economist expects a 7-2 vote for a hike. Labour market data stand out to us as the recent surprise 4.7% unemployment rate print contrasts with BoE forecasts showing a move up towards 5.3% next year," JPM notes.

"A key dovish MPC argument has been that labour market slack can contain inflation but this appears to be shifting. Inflation and growth are also tracking above forecast (3.5% y/y vs 3% and 1.4% y/y vs 1% respectively). We expect some form of guidance from BoE that more tightening is likely needed beyond this rate hike, which presents bullish risks for GBP, although the curve is already reasonably well priced with around 100bps of tightening by mid-27," JPM adds.