# Pound nears 2016 levels as election nods to new Brexit tack | Reuters

> Sterling rose toward its highest levels since 2016 after Prime Minister Rishi Sunak called a July 4 general election. The article says the pound is still about 5% below its pre-referendum level but has recovered more than 10% from its 2022 low.

- Date: 2024-05-31 · published 2024-05-31T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/30518-pound-nears-2016-levels-as-election-nods-to-new-brexit-tack-reuters
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

A firmer pound lowers the sterling cost of dollar-priced imports such as feed ingredients, while a weaker pound raises them for UK buyers. The move has little direct effect on feed grain prices.

## Read by commodity

- GBPUSD: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/pound-nears-2016-levels-election-nods-new-brexit-tack-mike-dolan-2024-05-31/

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