# Sterling 'hammered' by Dollar strength, markets price in almost 80% chance of November BoE hike

> Sterling was hit hard by dollar strength last week but found support above 1.32 against the dollar. Swaps priced almost an 80% chance of a November BoE hike after hawkish comments from MPC member Lombardelli. The writer expects higher energy prices and rising rates to weigh on UK consumer spending.

- Date: 2026-09-30 · published 2026-09-30T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/17740-sterling-hammered-by-dollar-strength-markets-price-in-almost-80-chance-of
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

The pound's move was mainly dollar-driven, which points to broad USD strength rather than sterling-specific weakness. A firmer dollar raises the local-currency cost of dollar-priced feed ingredients for UK and European buyers.

## Read by commodity

- DXY: bullish ▲
- GBPUSD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2026-06-23 | [Dollar Hits Highest Since November as Fed Rate Hike Bets Strengthen - Bloomberg](https://feedsoft.ai/events/11990-dollar-hits-highest-since-november-as-fed-rate-hike-bets-strengthen-bloomberg.md) | +0.3% | +0.0% |
| DXY | 2018-09-05 | [Turbulence Roils Emerging Markets In The Shadow Of A Strengthened U.S. Dollar](https://feedsoft.ai/events/63326-turbulence-roils-emerging-markets-in-the-shadow-of-a-strengthened-u-s-dollar.md) | -0.1% | -0.8% |
| DXY | 2023-05-11 | [Sterling trims drop after BoE hike, China’s data sends dollar higher - Markets - Business Recorder](https://feedsoft.ai/events/36195-sterling-trims-drop-after-boe-hike-china-s-data-sends-dollar-higher-markets.md) | +0.9% | +0.8% |
| DXY | 2021-10-29 | [Sterling pushed down by dollar strength - Business & Finance - Business Recorder](https://feedsoft.ai/events/44804-sterling-pushed-down-by-dollar-strength-business-and-finance-business-recorder.md) | +0.8% | +2.8% |
| DXY | 2024-11-22 | [International corn market pressured by strong dollar](https://feedsoft.ai/events/6063-international-corn-market-pressured-by-strong-dollar.md) | -0.4% | +0.6% |

## Sources

- fxstreet.com: https://www.fxstreet.com/analysis/sterling-hammered-by-dollar-strength-markets-price-in-almost-80-chance-of-november-boe-hike-202609300922

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.