# GBP/USD reverses BoE rate hike expectations bid - Scotiabank — Octa

> GBP/USD turned lower after strong US data pushed the dollar to fresh highs near 94.50, though the pound had earlier climbed toward the mid/upper-1.31 area. Scotiabank noted markets priced about a 90% chance of a Bank of England hike on August 2.

- Date: 2018-07-31 · published 2018-07-31T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/64273-gbp-usd-reverses-boe-rate-hike-expectations-bid-scotiabank-octa
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Firmer BoE rate expectations support sterling against the dollar, which matters for UK-linked feed and ingredient import costs priced in dollars. Brexit uncertainty still clouds the outlook.

## Read by commodity

- DXY: bullish ▲
- GBPUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-04-30 | [GBP/USD breaks below 1.3400 due to stronger US Dollar, BoE rate cut expectations — Octa](https://feedsoft.ai/events/25377-gbp-usd-breaks-below-1-3400-due-to-stronger-us-dollar-boe-rate-cut-expectations.md) | -0.5% | -0.5% |
| DXY | 2022-10-31 | [Dollar gains on Fed rate hike expectations](https://feedsoft.ai/events/39325-dollar-gains-on-fed-rate-hike-expectations.md) | -0.1% | -2.8% |
| DXY | 2026-06-24 | [US dollar strengthens to 13-month high on Fed rate hike expectations \| Reuters](https://feedsoft.ai/events/11985-us-dollar-strengthens-to-13-month-high-on-fed-rate-hike-expectations-reuters.md) | -0.1% | -0.4% |
| DXY | 2019-01-31 | [Pound-to-Dollar Outlook: GBP/USD Exchange Rate Slides As US Payrolls Beat Expectations](https://feedsoft.ai/events/61331-pound-to-dollar-outlook-gbp-usd-exchange-rate-slides-as-us-payrolls-beat.md) | +0.1% | +0.4% |
| DXY | 2022-06-28 | [Euro dips as markets manage expectations of ECB rate hikes \| Reuters](https://feedsoft.ai/events/41157-euro-dips-as-markets-manage-expectations-of-ecb-rate-hikes-reuters.md) | +2.0% | +2.2% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/594992/

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