# Pound soars to 29-month high following Fed rate cut signal at Jackson Hole  | Euronews

> 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.

- Date: 2024-08-26 · published 2024-08-26T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/29069-pound-soars-to-29-month-high-following-fed-rate-cut-signal-at-jackson-hole
- 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 Fed signal toward easing weakens the dollar, which tends to support dollar-priced grain and oilseed markets while lowering UK import costs.

## Read by commodity

- DXY: bearish ▼
- GBPUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-07-29 | [Pound highest in over a month as dollar dips on dovish Fed \| Euronews](https://feedsoft.ai/events/46306-pound-highest-in-over-a-month-as-dollar-dips-on-dovish-fed-euronews.md) | -0.3% | +0.4% |
| DXY | 2024-08-19 | [Sterling hits one-month high as Fed rate cut bets weigh on dollar \| Reuters](https://feedsoft.ai/events/29068-sterling-hits-one-month-high-as-fed-rate-cut-bets-weigh-on-dollar-reuters.md) | -0.8% | -0.7% |
| DXY | 2023-12-27 | [Dollar hits 5-mth low against euro as Fed seen closer to rate cuts](https://feedsoft.ai/events/32899-dollar-hits-5-mth-low-against-euro-as-fed-seen-closer-to-rate-cuts.md) | +0.7% | +1.6% |
| DXY | 2021-05-31 | [Dollar set for second consecutive monthly loss vs euro and pound \| Euronews](https://feedsoft.ai/events/47295-dollar-set-for-second-consecutive-monthly-loss-vs-euro-and-pound-euronews.md) | -0.2% | +1.1% |
| DXY | 2018-08-24 | [Powell signals no need for speed when it comes to Fed rate hiking](https://feedsoft.ai/events/63461-powell-signals-no-need-for-speed-when-it-comes-to-fed-rate-hiking.md) | -0.0% | -0.5% |

## Sources

- euronews.com: https://www.euronews.com/2024/08/26/pound-soars-to-29-month-high-following-fed-rate-cut-signal-at-jackson-hole

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