# Post-inflation dollar slump drives EUR/USD and GBP/USD while knocking back USD/CAD​ | Levels to Watch | IG International

> The US dollar sold off after softer-than-expected US inflation data, lifting EUR/USD and GBP/USD to multi-month highs while USD/CAD fell. The move reflected weaker dollar sentiment following the CPI release.

- Date: 2023-11-15 · published 2023-11-15T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/10102-post-inflation-dollar-slump-drives-eur-usd-and-gbp-usd-while-knocking-back-usd
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A broad dollar slump makes US commodity exports cheaper for foreign buyers and typically supports commodity prices, though the effect is a market-wide currency move rather than a supply shift.

## Read by commodity

- DXY: bearish ▼
- EURUSD: bullish ▲
- GBPUSD: bullish ▲
- USDCAD: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| EURUSD | 2023-11-14 | 1 | +1.5% | 3.5 | It attributes the dollar selloff and the EUR/USD rise to the soft US CPI release, which is the same driver, but it is dated after the move and is a recap. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2023-02-02 | [USD falls on Fed slowing inflation comments, gold and base metals boosted \| IG International](https://feedsoft.ai/events/37235-usd-falls-on-fed-slowing-inflation-comments-gold-and-base-metals-boosted-ig.md) | +1.3% | +2.1% |
| DXY | 2024-08-26 | [AUD/USD surges with dovish Fed and hawkish RBA stance on inflation \| IG International](https://feedsoft.ai/events/29061-aud-usd-surges-with-dovish-fed-and-hawkish-rba-stance-on-inflation-ig.md) | +0.7% | -0.0% |
| DXY | 2024-08-29 | [USD/CAD drops to near 1.3460 as US Dollar edges lower ahead of inflation test — Octa](https://feedsoft.ai/events/29036-usd-cad-drops-to-near-1-3460-as-us-dollar-edges-lower-ahead-of-inflation-test.md) | +0.5% | -0.7% |
| DXY | 2018-03-28 | [US dollar weighed down by trade and interest rate policies \| The National](https://feedsoft.ai/events/66189-us-dollar-weighed-down-by-trade-and-interest-rate-policies-the-national.md) | +0.2% | +1.4% |
| DXY | 2022-01-31 | [Euro Jumps Ahead of EU GDP and German CPI as US Dollar Pauses. Where to for EUR/USD? \| Forex trading, free forex education \| Forex.ca](https://feedsoft.ai/events/43342-euro-jumps-ahead-of-eu-gdp-and-german-cpi-as-us-dollar-pauses-where-to-for-eur.md) | -0.8% | -0.7% |
| EURUSD | 2023-02-02 | [USD falls on Fed slowing inflation comments, gold and base metals boosted \| IG International](https://feedsoft.ai/events/37235-usd-falls-on-fed-slowing-inflation-comments-gold-and-base-metals-boosted-ig.md) | -1.7% | -2.9% |
| EURUSD | 2022-01-31 | [Euro Jumps Ahead of EU GDP and German CPI as US Dollar Pauses. Where to for EUR/USD? \| Forex trading, free forex education \| Forex.ca](https://feedsoft.ai/events/43342-euro-jumps-ahead-of-eu-gdp-and-german-cpi-as-us-dollar-pauses-where-to-for-eur.md) | +2.6% | +0.6% |
| EURUSD | 2024-10-31 | [Euro Outperforms Dollar and Pound After Inflation and GDP Surprises](https://feedsoft.ai/events/28072-euro-outperforms-dollar-and-pound-after-inflation-and-gdp-surprises.md) | -1.2% | -2.9% |

## Sources

- ig.com: https://www.ig.com/en/news-and-trade-ideas/_post-inflation-dollar-slump-drives-eur-usd-and-gbp-usd-while-kn-231115

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