# Sterling drifts lower as Hammond raises prospect of end to austerity - EgyptToday

> Sterling drifted lower on 29 October after Chancellor Hammond outlined a possible end to austerity, contingent on a Brexit deal. The pound fell to $1.2791, close to two-month lows, partly due to a stronger dollar. Sterling traders are looking ahead to the Bank of England decision on Thursday.

- Date: 2018-10-30 · published 2018-10-30T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/62808-sterling-drifts-lower-as-hammond-raises-prospect-of-end-to-austerity-egypttoday
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Sterling weakness combined with dollar strength marginally affects the pricing of dollar-denominated feed imports in the UK.

## Read by commodity

- DXY: bullish ▲
- GBPUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-10-25 | [Dollar rises from one-month low on prospect of higher interest rates \| Reuters](https://feedsoft.ai/events/7163-dollar-rises-from-one-month-low-on-prospect-of-higher-interest-rates-reuters.md) | +0.4% | +1.7% |
| DXY | 2022-11-04 | [FOREX-Dollar ascendant; sterling slumps on lower rate expectations, bleak outlook](https://feedsoft.ai/events/38920-forex-dollar-ascendant-sterling-slumps-on-lower-rate-expectations-bleak-outlook.md) | -2.7% | -4.3% |
| DXY | 2021-06-16 | [Wall Street closes lower as Fed officials project rate hikes for 2023](https://feedsoft.ai/events/5933-wall-street-closes-lower-as-fed-officials-project-rate-hikes-for-2023.md) | +1.4% | +1.4% |
| DXY | 2025-10-01 | [Sterling falls as Powell takes cautious tone on rate cuts](https://feedsoft.ai/events/23143-sterling-falls-as-powell-takes-cautious-tone-on-rate-cuts.md) | +0.3% | +0.3% |
| DXY | 2024-10-03 | [Sterling drops on Bailey remarks and shift to safe havens](https://feedsoft.ai/events/28094-sterling-drops-on-bailey-remarks-and-shift-to-safe-havens.md) | +1.1% | +2.7% |

## Sources

- egypttoday.com: https://www.egypttoday.com/Article/3/59682/Sterling-drifts-lower-as-Hammond-raises-prospect-of-end-to

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