GBPINR Hits All-Time High Of 105.92 During Intraday Moves; Pound Cautiously Holds Above $1.28

Published on Jul 10, 2023 14:16

GBPINR hit a record high of 105.92 amid choppy trades on Monday. The pair began a winning run since the start of July and is up more than 2% so far. It is currently quoting at 105.84, up 0.24% but off its intraday highs. UK pound is staying cautious at $1.2816 ahead of Bank of England Governor Andrew Bailey`s speech due later today. GBPUSD however holds above $1.28 mark in expectations of further interest rate hikes by BoE to tame down inflation. Meanwhile, the dollar index too is recovering well on Monday following a sharp plunge over the weekend after US jobs data failed to excite the currency. The index fell to a two and half week low on Friday but regained back above 102 mark to be currently trading at 102.7, up 0.1%, adding pressure on the pair. For the week, UK employment data and US inflation data will be keenly awaited for further clarity.