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Sterling firmed about 0.2% to $1.2987 after new UK Chancellor Rachel Reeves announced the biggest tax increases since 1993 in her first budget. The OBR raised its inflation forecast, and traders cut bets on Bank of England rate cuts over the next year.
Fewer expected BoE cuts support sterling and a firmer pound tends to reduce UK import costs for feed. The direct link to feed commodity prices is weak.
globalbankingandfinance.comJessica Weisman-PittsOct 31, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
