# Pound Near $1.38 Amid Broad Dollar Weakness

> The pound hovered just below $1.38, near its strongest level since August 2021, as the dollar weakened after President Trump said he was comfortable with its decline. Oil rose after Trump rejected an Iranian proposal to reopen the Strait of Hormuz. Markets priced a high chance of a Bank of England rate hike later in the year.

- Date: 2026-01-28 · published 2026-01-28T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/21304-pound-near-1-38-amid-broad-dollar-weakness
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Dollar weakness supports dollar-priced commodities for overseas buyers, while higher oil supports energy-linked feed costs. The net effect on feed prices is modest.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲
- GBPUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2017-07-31 | [More dollar weakness ahead?](https://feedsoft.ai/events/70152-more-dollar-weakness-ahead.md) | +0.3% | -0.5% |
| DXY | 2026-01-28 | [Korean won rises to 3-month high amid broad weakness of U.S. dollar \| Yonhap News Agency](https://feedsoft.ai/events/21272-korean-won-rises-to-3-month-high-amid-broad-weakness-of-u-s-dollar-yonhap-news.md) | +0.4% | +0.3% |
| DXY | 2017-09-20 | [Australian dollar pushed higher by US dollar weakness - ABC News](https://feedsoft.ai/events/69181-australian-dollar-pushed-higher-by-us-dollar-weakness-abc-news.md) | +1.1% | +1.9% |
| DXY | 2020-12-04 | [Analysts predict further weakness for U.S. dollar next year](https://feedsoft.ai/events/49843-analysts-predict-further-weakness-for-u-s-dollar-next-year.md) | -0.0% | -1.0% |
| DXY | 2025-08-26 | [Canadian Dollar gains ground on Greenback weakness](https://feedsoft.ai/events/23557-canadian-dollar-gains-ground-on-greenback-weakness.md) | +0.2% | -0.7% |
| WTI | 2022-01-31 | [Canadian Dollar Climbs Amid Energy Rally, Weaker PPI](https://feedsoft.ai/events/43392-canadian-dollar-climbs-amid-energy-rally-weaker-ppi.md) | +5.6% | +9.8% |
| WTI | 2018-01-24 | [Why the dollar is weak](https://feedsoft.ai/events/67171-why-the-dollar-is-weak.md) | +0.2% | -4.3% |
| WTI | 2023-05-26 | [Oil up over weaker dollar amid uncertainties of OPEC+ next output move](https://feedsoft.ai/events/36105-oil-up-over-weaker-dollar-amid-uncertainties-of-opec-next-output-move.md) | +0.0% | -3.6% |

## Sources

- tradingeconomics.com: https://tradingeconomics.com/united-kingdom/currency/news/520712

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