# Pound hits two-year high on dollar, gains on euro | Reuters

> Sterling reached a two-year high against the dollar on August 27, rising as high as $1.3246, its strongest since March 2022. The pound also gained on the euro as traders bet the Bank of England would cut rates less than the Federal Reserve and the UK economy outperformed the euro zone.

- Date: 2024-08-27 · published 2024-08-27T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/29066-pound-hits-two-year-high-on-dollar-gains-on-euro-reuters
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

The pound's strength reflects a weaker dollar driven by expected Fed rate cuts, which can support dollar-priced grain and oilseed prices while lowering UK import costs.

## Read by commodity

- DXY: bearish ▼
- GBPUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2022-07-28 | [Pound Sterling Extends Gains against Euro and Dollar on post-Fed Relief](https://feedsoft.ai/events/40759-pound-sterling-extends-gains-against-euro-and-dollar-on-post-fed-relief.md) | -0.3% | +0.2% |
| DXY | 2025-12-31 | [South African rand ends 2025 on high note, gains nearly 13% on the dollar \| Reuters](https://feedsoft.ai/events/21773-south-african-rand-ends-2025-on-high-note-gains-nearly-13-on-the-dollar-reuters.md) | +0.3% | -1.7% |
| DXY | 2023-01-23 | [Dollar edges lower vs euro on ECB rate hike bets \| Reuters](https://feedsoft.ai/events/37999-dollar-edges-lower-vs-euro-on-ecb-rate-hike-bets-reuters.md) | -0.4% | +1.0% |
| DXY | 2017-07-31 | [Pound hits 10-month high of $1.32 on dollar's Trump slump](https://feedsoft.ai/events/70203-pound-hits-10-month-high-of-1-32-on-dollar-s-trump-slump.md) | +0.3% | -0.5% |
| DXY | 2025-06-26 | [Pound touches near 4-year high as Trump rattles dollar](https://feedsoft.ai/events/24477-pound-touches-near-4-year-high-as-trump-rattles-dollar.md) | -0.9% | -0.6% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/pound-hits-two-year-high-dollar-gains-euro-2024-08-27/

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