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The pound surged to a 29-month high against the dollar after Federal Reserve Chair Jerome Powell signalled a likely September rate cut at the Jackson Hole symposium. The pound also rose against the euro to a three-week high, while the Bank of England's Andrew Bailey said further cuts would not be rushed.
A Fed signal toward easing weakens the dollar, which tends to support dollar-priced grain and oilseed markets while lowering UK import costs.
euronews.comAug 26, 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.
