# Pound rallies vs dollar as data suggests BoE has room to hike

> Sterling rose about 0.7% against a broadly weaker dollar to around $1.2034 on Tuesday, while falling 0.3% against the euro. Data showed the cost-of-living squeeze had not yet reduced demand for staff in Britain. The Bank of England has raised rates five times since December to fight inflation.

- Date: 2022-07-19 · published 2022-07-19T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/40751-pound-rallies-vs-dollar-as-data-suggests-boe-has-room-to-hike
- 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 weaker dollar tends to support commodity prices priced in dollars, but this is a routine currency move with no direct feed supply impact.

## Read by commodity

- DXY: bearish ▼
- GBPUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2020-11-05 | [Pound-Dollar Rate Rallies 1% As BoE Fails To Mention Negative Interest Rates \| Exchange Rates UK](https://feedsoft.ai/events/50419-pound-dollar-rate-rallies-1-as-boe-fails-to-mention-negative-interest-rates.md) | -0.8% | -2.9% |
| DXY | 2025-06-26 | [Pound touches near 4-year high as Trump rattles dollar](https://feedsoft.ai/events/24477-pound-touches-near-4-year-high-as-trump-rattles-dollar.md) | -0.9% | -0.6% |
| DXY | 2024-05-15 | [Dollar swoons after data suggests rate cut in September](https://feedsoft.ai/events/30426-dollar-swoons-after-data-suggests-rate-cut-in-september.md) | -0.4% | +1.6% |
| DXY | 2024-04-25 | [Dollar swoons after data suggests rate cut in September](https://feedsoft.ai/events/31001-dollar-swoons-after-data-suggests-rate-cut-in-september.md) | +0.1% | -1.1% |
| DXY | 2023-11-14 | [Canadian dollar rallies as investors cheer U.S. inflation data](https://feedsoft.ai/events/33408-canadian-dollar-rallies-as-investors-cheer-u-s-inflation-data.md) | -1.8% | -1.4% |

## Sources

- reuters.com: https://www.reuters.com/markets/europe/pound-rallies-vs-dollar-data-suggests-boe-has-room-hike-2022-07-19/

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