# Yen hits 8-week high; sterling drops after Bank of England rate cut

> The yen hit an eight-week high against the dollar after a Bank of Japan board member called for continued rate hikes. Sterling fell 0.6% to $1.2434 after the Bank of England cut rates and raised its inflation forecast. The dollar index hovered near its lowest level since the start of the week as trade-war fears eased.

- Date: 2025-02-06 · published 2025-02-06T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/26320-yen-hits-8-week-high-sterling-drops-after-bank-of-england-rate-cut
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

Easing trade-war fears weakened the dollar, which can support dollar-priced commodities. Currency moves of this size have little direct effect on feed costs.

## Read by commodity

- DXY: bearish ▼
- GBPUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2026-01-01 | [Sterling keeps rising after the Bank of England raised the bar on rate cuts](https://feedsoft.ai/events/21759-sterling-keeps-rising-after-the-bank-of-england-raised-the-bar-on-rate-cuts.md) | +0.3% | -1.5% |
| DXY | 2024-10-03 | [Sterling plunges 1% after Bank of England governor's comments on rates](https://feedsoft.ai/events/28097-sterling-plunges-1-after-bank-of-england-governor-s-comments-on-rates.md) | +1.1% | +2.7% |
| DXY | 2022-09-28 | [Sterling, euro rally against dollar after Bank of England buys UK bonds](https://feedsoft.ai/events/39830-sterling-euro-rally-against-dollar-after-bank-of-england-buys-uk-bonds.md) | -1.8% | -1.5% |
| DXY | 2024-08-19 | [Sterling hits one-month high as Fed rate cut bets weigh on dollar \| Reuters](https://feedsoft.ai/events/29068-sterling-hits-one-month-high-as-fed-rate-cut-bets-weigh-on-dollar-reuters.md) | -0.8% | -0.7% |
| DXY | 2016-11-02 | [Sterling hits 2-week high against broadly weaker dollar](https://feedsoft.ai/events/74072-sterling-hits-2-week-high-against-broadly-weaker-dollar.md) | -0.6% | +3.2% |

## Sources

- cnbc.com: https://www.cnbc.com/2025/02/06/dollar-edges-up-sterling-falls-ahead-of-bank-of-england-meet.html

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