# Pound pares advance against Euro and Dollar as investors position for Bank of England By PoundSterlingLIVE

> The pound retreated from recent highs against the euro and dollar as investors took profits ahead of the Bank of England decision on Thursday. GBP/EUR had risen above €1.17 for the first time since September. Traders expected the Bank to drop its commitment to further hikes.

- Date: 2024-01-31 · published 2024-01-31T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/32370-pound-pares-advance-against-euro-and-dollar-as-investors-position-for-bank-of
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Expectations of a policy pivot by the Bank of England are shifting sterling exchange rates, which affects the sterling cost of imported feed ingredients. The effect on grain and feed prices themselves is minimal.

## Read by commodity

- EURUSD: bullish ▲
- GBPUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2023-01-31 | [Expect Pound Sterling Weakness against Euro, Dollar in Wake of Bank of England: CIBC](https://feedsoft.ai/events/38020-expect-pound-sterling-weakness-against-euro-dollar-in-wake-of-bank-of-england.md) | -1.3% | -2.4% |
| EURUSD | 2022-09-28 | [Sterling, euro rally against dollar after Bank of England buys UK bonds](https://feedsoft.ai/events/39830-sterling-euro-rally-against-dollar-after-bank-of-england-buys-uk-bonds.md) | +3.8% | +4.7% |
| EURUSD | 2022-11-07 | [Euro, sterling bounce, dollar drops as investors cash in](https://feedsoft.ai/events/6252-euro-sterling-bounce-dollar-drops-as-investors-cash-in.md) | +4.5% | +6.1% |
| EURUSD | 2022-09-09 | [Dollar slides as investors balance positions ahead of U.S. inflation data \| Reuters](https://feedsoft.ai/events/39800-dollar-slides-as-investors-balance-positions-ahead-of-u-s-inflation-data-reuters.md) | +0.4% | -1.5% |
| EURUSD | 2019-04-12 | [Pound Sterling Forecasts Slashed at ING after Brextension Derails Bank of England](https://feedsoft.ai/events/59849-pound-sterling-forecasts-slashed-at-ing-after-brextension-derails-bank-of.md) | -0.2% | -0.3% |

## Sources

- uk.investing.com: https://uk.investing.com/news/forex-news/pound-pares-advance-against-euro-and-dollar-as-investors-position-for-bank-of-england-3317384

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