# GBP/USD plunged below 1.2300 post US data amidst a buoyant USD — Octa

> GBP/USD fell below 1.2300 after US Employment Cost Index data eased and US core PCE inflation declined for a fourth month. Markets expected the Federal Reserve to raise rates 25 basis points at its meeting that week.

- Date: 2023-01-31 · published 2023-01-31T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/38022-gbp-usd-plunged-below-1-2300-post-us-data-amidst-a-buoyant-usd-octa
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

Easing US inflation and expected Fed tightening influence the dollar index, and a softer dollar tends to support US commodity export prices.

## Read by commodity

- DXY: neutral
- GBPUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-06-25 | [USD/JPY pauses gain near 111.00 posts mixed US data — Octa](https://feedsoft.ai/events/46843-usd-jpy-pauses-gain-near-111-00-posts-mixed-us-data-octa.md) | +0.4% | +1.0% |
| DXY | 2021-06-30 | [USD/JPY remains directionless near 110.50 post mixed Japan data — Octa](https://feedsoft.ai/events/46840-usd-jpy-remains-directionless-near-110-50-post-mixed-japan-data-octa.md) | +0.8% | +0.8% |
| DXY | 2018-09-14 | [GBP/USD: Will A Deluge Of US Data Pull Dollar Lower vs. Pound? - Currency Live](https://feedsoft.ai/events/63287-gbp-usd-will-a-deluge-of-us-data-pull-dollar-lower-vs-pound-currency-live.md) | -0.4% | +0.4% |
| DXY | 2025-11-09 | [Fed policy signals may guide commodities amid lack of US data](https://feedsoft.ai/events/21877-fed-policy-signals-may-guide-commodities-amid-lack-of-us-data.md) | -0.2% | -0.6% |
| DXY | 2024-05-28 | [USD/IDR Melanjutkan Rally, Rupiah Uji 16.100, Pedagang Tunggu Data PCE AS — Octa](https://feedsoft.ai/events/30585-usd-idr-melanjutkan-rally-rupiah-uji-16-100-pedagang-tunggu-data-pce-as-octa.md) | +0.6% | +1.9% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/1021293/

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