Sterling rose 0.41% to $1.3432 and the euro gained 0.20% to $1.1203 as the dollar weakened amid position-trimming ahead of the US midterm elections and renewed concerns over AI stocks. Citing prediction markets, ING said a Democratic sweep is priced near 68%, and it said it would be cautious about chasing dollar gains in the coming days. US data leaned hawkish, with third-quarter GDP growth of 3.4%, above consensus, and September core PCE up 0.3% month-on-month, leaving markets pricing a December rate hike. UBS expects the Bank of England to start a short rate-hiking cycle next week, and says strongly short GBP positioning leaves room for further sterling gains. GBP/USD rose 1.22% in October and GBP/EUR gained 2.40%, its biggest monthly advance in the 2026 data.
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Related tickers and likely impact
DXY
▼ Likely negativeRelevance: medium
| Market | Currencies |
|---|---|
| Close on 10/29/2026 | 101.88 |
| Change that session | -0.26% |
GBP/USD
▲ Likely positiveRelevance: medium
| Market | Currencies |
|---|---|
| Close on 10/29/2026 | 1.33793 |
| Change that session | +0.41% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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