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Sterling has risen beyond most analysts' year-end target prices, a sharp recovery for the pound. The rally is attributed to the Bank of England keeping interest rates high for longer than the US Federal Reserve and the European Central Bank.
A stronger pound raises the cost of dollar-priced feed ingredients for UK buyers, while a softer dollar can lift dollar-denominated grain and oilseed prices.
reuters.comNaomi RovnickAug 29, 2024Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
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.
