GBPUSD Holds Above $1.22 Mark; BoE Governor Bailey Says Future Rates Decisions Will Be Tight

Published on Oct 13, 2023 14:32

UK pound is seen recovering during the European session on Friday after the currency dropped below $1.22 levels in overnight trades tracking a surge in dollar index. The dollar index recovered above 106 mark yesterday after US CPI inflation came higher than expected driving treasury yields and greenback higher. However, the dollar index failed to hold on to upside and is currently quoting at 106.08, down 0.27% on the day which is also benefiting the Britain pound. Besides, BoE governor Bailey reportedly stated that future interest rate decisions by the central bank would continue to be tight after officials voted to leave borrowing costs on hold last month by the tightest of margins. GBPUSD in immediate reaction to the speech climbed to hold above $1.22 and is up 0.30% on the day. However, on the NSE, GBPINR October futures are staying choppy. The pair fell below 102 mark and are seen trading at 101.78, down 0.7% on the day.