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Sterling hit a one-month high as growing bets on US interest rate cuts pushed the dollar lower against major currencies. Markets were pricing a 39% chance that the Bank of England would cut rates by 25 basis points to 4.75%.
Expectations of Fed easing weaken the dollar, which can lift dollar-denominated feed commodity prices and affects the cost of imports for UK buyers.
reuters.comAug 19, 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.
