# Pound Rises to Strongest in Over Two Years Against the US Dollar - Bloomberg

> Sterling climbed to its strongest level in over two years, reaching $1.3230 after rising more than 1% on Friday. The gain followed Federal Reserve Chair Jerome Powell's comments that the time had come to cut rates, which widened the expected policy gap between the two central banks.

- Date: 2024-08-23 · published 2024-08-23T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/29067-pound-rises-to-strongest-in-over-two-years-against-the-us-dollar-bloomberg
- 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 broad dollar decline following Powell's signal supports dollar-priced commodities and makes imports from dollar-linked markets cheaper for UK buyers.

## Read by commodity

- DXY: bearish ▼
- GBPUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2023-04-13 | [Euro Surges to Strongest in a Year as Fed-Cut Bets Batter Dollar - Bloomberg](https://feedsoft.ai/events/36584-euro-surges-to-strongest-in-a-year-as-fed-cut-bets-batter-dollar-bloomberg.md) | +0.3% | -0.4% |
| DXY | 2018-01-24 | [TREASURY SECRETARY TALKS DOWN THE DOLLAR WHICH DROPS SHARPLY -- BRITISH POUND SURGES AGAINST THE DOLLAR -- WHILE BRITISH BOND YIELD RISES TO HIGHEST LEVEL IN A YEAR -- BIG DROP IN DOLLAR PUSHES BLOOMBERG COMMODITY INDEX NEAR A TWO-YEAR HIGH](https://feedsoft.ai/events/66895-treasury-secretary-talks-down-the-dollar-which-drops-sharply-british-pound.md) | -0.8% | -0.1% |
| DXY | 2023-12-22 | [Euro (EUR USD) Hits Strongest Since August as Dollar Eases on US Rate Bets - Bloomberg](https://feedsoft.ai/events/32927-euro-eur-usd-hits-strongest-since-august-as-dollar-eases-on-us-rate-bets.md) | -0.8% | +1.5% |
| DXY | 2023-07-13 | [Fund Investors Bet Against US Dollar After Fed Rate Hikes, Currency Weakening - Bloomberg](https://feedsoft.ai/events/9982-fund-investors-bet-against-us-dollar-after-fed-rate-hikes-currency-weakening.md) | -0.2% | +1.6% |
| DXY | 2023-12-22 | [Peso strengthens to best rate against the US dollar since August](https://feedsoft.ai/events/32933-peso-strengthens-to-best-rate-against-the-us-dollar-since-august.md) | -0.8% | +1.5% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-08-23/pound-hits-strongest-level-in-over-two-years-against-us-dollar

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