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Sterling held steady but was on track for a weekly decline as the dollar strengthened. The pound had rallied over the previous two weeks on expectations that the Bank of England would cut rates less sharply than the Federal Reserve, following its first reduction in August.
Short-term currency swings change import costs for UK feed buyers, and a firmer dollar tends to weigh on dollar-priced commodities.
reuters.comAug 30, 2024Not enough comparable past events yet for a historical read.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
