GBPINR REGAINS MOMENTUM ABOVE 103 MARK; UK RETAIL SALES DATA AWAITED

Published on Nov 17, 2023 12:22

Pound extends stay below $1.25 levels on Friday, coming off an over two month high hit in the previous session and awaiting UK retail sales data. Lack of concrete cues amid a sluggish dollar overseas is keeping pound floating near flat line. Currently, the GBPUSD pair is trading at $1.2418, almost flat on the day. Dollar demand perished as data overnight showed an increase in weekly jobless claims showing a cooling jobs market and not encouraging Fed to hike rates further. Latest figures from US jobless claims rose by more than expected 13,000 to a seasonally adjusted 231,000 for the week ended Nov. 11. Meanwhile, US industrial production figures also came in weaker than expected. On the NSE, GBPINR futures are gaining momentum and are trading high by 0.10% at 103.36.