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The British pound rose to its highest level since September 16 against the US dollar on Wednesday, with GBP/USD trading above 1.34. The dollar index fell to a one-month low as early US midterm counts pointed to a possible Democratic win, and hopes for Iran diplomacy reduced safe-haven demand.
Traders also raised bets that the Bank of England will hike rates at its meeting on Thursday.
A weaker dollar and firmer sterling shift the cost of dollar-priced feed ingredients for UK and European buyers, while a softer dollar can modestly support US-dollar commodity prices. Lower Iran-related risk premium also eases energy-driven cost pressure.
fxstreet.comHaresh MenghaniNov 4, 2026Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
