# Dollar dips as UK budget U-turn improves market sentiment

> The dollar eased after Chancellor Jeremy Hunt, appointed by Prime Minister Liz Truss, reversed much of the 45-billion-pound mini-budget that had triggered market turmoil and record lows for the pound. The Bank of England had been forced to intervene in the bond market.

- Date: 2022-10-17 · published 2022-10-17T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/39402-dollar-dips-as-uk-budget-u-turn-improves-market-sentiment
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

Reduced UK financial stress lowers safe-haven demand for the dollar, which can modestly support dollar-priced commodities.

## Read by commodity

- DXY: bearish ▼
- GBPUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2017-10-31 | [Dollar dips vs yen as risk sentiment wobbles, focus turns to BOJ](https://feedsoft.ai/events/68682-dollar-dips-vs-yen-as-risk-sentiment-wobbles-focus-turns-to-boj.md) | -0.2% | -1.4% |
| DXY | 2017-06-29 | [Dollar Bull Market Is Over](https://feedsoft.ai/events/70708-dollar-bull-market-is-over.md) | +0.3% | -1.7% |
| DXY | 2017-07-31 | [USD: Tide of sentiment has turned against the dollar – BBH — Octa](https://feedsoft.ai/events/70150-usd-tide-of-sentiment-has-turned-against-the-dollar-bbh-octa.md) | +0.3% | -0.5% |
| DXY | 2020-03-09 | [US dollar market sees major sell off as currency traders buy EUR](https://feedsoft.ai/events/10776-us-dollar-market-sees-major-sell-off-as-currency-traders-buy-eur.md) | +3.2% | +6.6% |
| DXY | 2022-06-28 | [South African rand gains as dollar dips - Markets - Business Recorder](https://feedsoft.ai/events/41263-south-african-rand-gains-as-dollar-dips-markets-business-recorder.md) | +2.0% | +2.2% |

## Sources

- reuters.com: https://www.reuters.com/business/finance/sterling-rebounds-uk-fiscal-policy-u-turn-yen-struggles-2022-10-17/

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