# Sterling plunges 1% after Bank of England governor's comments on rates

> Sterling rebounded after the UK Autumn Budget, which included a 40 billion pound tax rise and a higher employer National Insurance rate. The US dollar eased despite upbeat US ADP employment data for October.

- Date: 2024-10-03 · published 2024-10-03T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/28097-sterling-plunges-1-after-bank-of-england-governor-s-comments-on-rates
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A firmer pound after the budget lowers the sterling cost of dollar-priced feed ingredients, though the link to grain prices is indirect. Inflation expectations also shape BoE policy.

## Read by commodity

- DXY: bearish ▼
- GBPUSD: bullish ▲

## 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 | 2025-02-06 | [Yen hits 8-week high; sterling drops after Bank of England rate cut](https://feedsoft.ai/events/26320-yen-hits-8-week-high-sterling-drops-after-bank-of-england-rate-cut.md) | +0.3% | -1.5% |
| DXY | 2017-06-28 | [Pound jumps on Bank of England Governor's rate rise hint - BBC News](https://feedsoft.ai/events/70748-pound-jumps-on-bank-of-england-governor-s-rate-rise-hint-bbc-news.md) | +0.1% | -1.9% |
| 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 | 2023-12-13 | [Gold climbs over 1% after Fed signals end of rate hikes \| Reuters](https://feedsoft.ai/events/32470-gold-climbs-over-1-after-fed-signals-end-of-rate-hikes-reuters.md) | -1.0% | -0.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2024/10/03/sterling-plunges-1percent-after-bailey-suggests-more-aggressive-rate-cuts.html

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