# Currency markets: Banks get bullish on the British pound

> Goldman Sachs, UBS and Rabobank analysts remain bullish on sterling, which has been one of the best-performing major currencies this year. Goldman keeps a 1.31 target against the dollar, with the pair near 1.28, despite markets pricing a possible Bank of England rate cut in August.

- Date: 2024-07-31 · published 2024-07-31T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/29539-currency-markets-banks-get-bullish-on-the-british-pound
- 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 firmer pound against a weaker dollar slightly lowers the dollar's broad strength, which can modestly support dollar-priced grain and oilseed prices. The effect on feed markets is indirect and small.

## Read by commodity

- DXY: bearish ▼
- GBPUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2018-03-04 | [Currency markets send a warning on the US economy](https://feedsoft.ai/events/66191-currency-markets-send-a-warning-on-the-us-economy.md) | -0.6% | -0.8% |
| DXY | 2017-04-01 | [Bullish British Pound To Dollar Rate Today On Better-than-Forecast UK Sales](https://feedsoft.ai/events/72235-bullish-british-pound-to-dollar-rate-today-on-better-than-forecast-uk-sales.md) | +0.2% | -0.0% |
| DXY | 2020-03-19 | [The Fed is extending its currency exchange program to more central banks around the world](https://feedsoft.ai/events/54307-the-fed-is-extending-its-currency-exchange-program-to-more-central-banks-around.md) | +0.5% | -0.9% |
| DXY | 2024-08-29 | [Sterling's stunning rally keeps twitchy currency markets on edge](https://feedsoft.ai/events/29064-sterling-s-stunning-rally-keeps-twitchy-currency-markets-on-edge.md) | +0.5% | -0.7% |
| DXY | 2019-06-19 | [Asia markets: The Fed, US-China trade, currencies in focus](https://feedsoft.ai/events/9812-asia-markets-the-fed-us-china-trade-currencies-in-focus.md) | -1.1% | -0.9% |

## Sources

- cnbc.com: https://www.cnbc.com/2024/07/31/currency-markets-banks-get-bullish-on-the-british-pound.html

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