# Pound's Setback Extends to $1.26 as U.S. Economic Data Beat Expectations

> The dollar advanced on June 29 after US first-quarter GDP growth of 2.0% beat the 1.4% estimate and weekly jobless claims came in below expectations. GBP/USD slid to 1.26 as the US 2-year yield rose to 4.84%. Fed Chair Powell's remarks had signalled two more likely hikes before rates peak.

- Date: 2023-06-29 · published 2023-06-29T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/35767-pound-s-setback-extends-to-1-26-as-u-s-economic-data-beat-expectations
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

Stronger US data and higher Fed rate expectations lift the dollar, which tends to pressure dollar-priced grains, oilseeds and meals in world markets. A firmer dollar also makes US exports less competitive.

## Read by commodity

- DXY: bullish ▲
- GBPUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2026-08-26 | [U.S. data buoys dollar as Fed hike expectations nudged higher](https://feedsoft.ai/events/18082-u-s-data-buoys-dollar-as-fed-hike-expectations-nudged-higher.md) | +0.4% | +1.6% |
| DXY | 2020-09-02 | [Dollar buoyed by upbeat U.S. economic data; Aussie falls](https://feedsoft.ai/events/51362-dollar-buoyed-by-upbeat-u-s-economic-data-aussie-falls.md) | +0.5% | +1.2% |
| DXY | 2024-03-05 | [Strong U.S. economy sends dollar bears into hibernation](https://feedsoft.ai/events/31395-strong-u-s-economy-sends-dollar-bears-into-hibernation.md) | -0.7% | +0.5% |
| DXY | 2021-07-13 | [Pound extends fall after US inflation data lifts dollar - Markets - Business Recorder](https://feedsoft.ai/events/46308-pound-extends-fall-after-us-inflation-data-lifts-dollar-markets-business.md) | +0.7% | +0.6% |

## Sources

- poundsterlinglive.com: https://www.poundsterlinglive.com/usd/18934-pound-to-dollar-rates-setback-extends-to-1-26-as-economic-data-beats-expectations

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