# Sterling hits one-month high as Fed rate cut bets weigh on dollar | Reuters

> 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%.

- Date: 2024-08-19 · published 2024-08-19T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/29068-sterling-hits-one-month-high-as-fed-rate-cut-bets-weigh-on-dollar-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

Expectations of Fed easing weaken the dollar, which can lift dollar-denominated feed commodity prices and affects the cost of imports for UK buyers.

## Read by commodity

- DXY: bearish ▼
- GBPUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-11-26 | [Canadian dollar notches a six-day high as Fed rate cut bets climb \| Reuters](https://feedsoft.ai/events/22178-canadian-dollar-notches-a-six-day-high-as-fed-rate-cut-bets-climb-reuters.md) | -0.7% | -1.8% |
| DXY | 2025-12-18 | [GBP/USD firm as BoE rate cut lifts Sterling, soft CPI weighs on Dollar](https://feedsoft.ai/events/21760-gbp-usd-firm-as-boe-rate-cut-lifts-sterling-soft-cpi-weighs-on-dollar.md) | -0.6% | -0.1% |
| DXY | 2026-09-01 | [Sterling hits six-month high against fading dollar](https://feedsoft.ai/events/18143-sterling-hits-six-month-high-against-fading-dollar.md) | -0.6% | +2.1% |
| DXY | 2024-08-02 | [Dollar hits four-month low as weak US jobs data boosts rate cut bets](https://feedsoft.ai/events/9285-dollar-hits-four-month-low-as-weak-us-jobs-data-boosts-rate-cut-bets.md) | -0.3% | -1.3% |
| DXY | 2023-10-31 | [US dollar falls as markets believe Fed is done hiking rates \| Reuters](https://feedsoft.ai/events/11457-us-dollar-falls-as-markets-believe-fed-is-done-hiking-rates-reuters.md) | -1.4% | -2.9% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/sterling-hits-one-month-high-fed-rate-cut-bets-weigh-dollar-2024-08-19/

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