# Sterling Strengthens Amid BoE Rate Cut Speculations | Global Banking & Finance Review

> 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.

- Date: 2024-10-31 · published 2024-10-31T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/28095-sterling-strengthens-amid-boe-rate-cut-speculations-global-banking-and-finance
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

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.

## Read by commodity

- GBPUSD: bullish ▲

## Sources

- globalbankingandfinance.com: https://www.globalbankingandfinance.com/sterling-ticks-higher-as-investors-expect-fewer-boe-rate-cuts/

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