# Strong July Pound Sterling Buying Stalls as Traders Focus on Bank of England | Currency News UK

> The pound hit two-week lows near 1.2810 before recovering to 1.2850 against the dollar. Chancellor Reeves cited a £22bn gap in government finances, prompting investment cuts and concerns about tax rises in the October budget.

- Date: 2024-07-31 · published 2024-07-31T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/29547-strong-july-pound-sterling-buying-stalls-as-traders-focus-on-bank-of-england
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Fiscal worries weigh on sterling and can lift the dollar relative to the pound. Feed buyers see only a marginal indirect effect on dollar-priced commodities.

## Read by commodity

- DXY: bullish ▲
- GBPUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2020-09-17 | [Sterling slips after dollar rebound; focus on Bank of England \| Financial Post](https://feedsoft.ai/events/51374-sterling-slips-after-dollar-rebound-focus-on-bank-of-england-financial-post.md) | +1.6% | +0.6% |
| DXY | 2026-06-18 | [VIEW Bank of England leaves rates on hold, sterling falls \| Reuters](https://feedsoft.ai/events/19057-view-bank-of-england-leaves-rates-on-hold-sterling-falls-reuters.md) | +1.4% | +1.0% |
| DXY | 2021-06-24 | [Bank of England in No Rush to Normalise, Pound Falls Following June Statement](https://feedsoft.ai/events/46821-bank-of-england-in-no-rush-to-normalise-pound-falls-following-june-statement.md) | +0.2% | +1.0% |
| DXY | 2019-05-03 | [U.S. dollar rises versus peers as FX traders reduce their bets on rate cuts, sterling falls as Bank of England keeps base rate unchanged, but voices fears over Brexit. \| Forex Trading Blog: News, Analysis & Trading Guides \| FXCC](https://feedsoft.ai/events/59330-u-s-dollar-rises-versus-peers-as-fx-traders-reduce-their-bets-on-rate-cuts.md) | +0.2% | +1.0% |
| DXY | 2025-07-31 | [Pound Sterling slumps against US Dollar as traders pare Fed dovish bets](https://feedsoft.ai/events/24023-pound-sterling-slumps-against-us-dollar-as-traders-pare-fed-dovish-bets.md) | -0.7% | -0.6% |

## Sources

- currencynews.co.uk: https://www.currencynews.co.uk/forecast/20240731-41222_strong-july-pound-sterling-buying-stalls-as-traders-focus-on-bank-of-england.html

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