GBPUSD Hovering Around $1.27 Mark

Published on Jan 18, 2024 16:51

UK pound is hovering around $1.27 mark on Thursday, extending previous day gains on the back of higher than expected consumer price inflation data for December that reduced expectations of a rate cut by BoE. Annual headline inflation grew strongly by 4.0% against 3.9% increase in November while market participants projected a deceleration to 3.8%. However, Federal Reserve also awaiting clarity on data to go ahead with interest rate cuts decided at the end of last year is keeping the dollar supported, in turn limiting gains in the British currency. GBPUSD is currently quoting at $1.2692 after having touched a high of $1.27 earlier in the day. On the NSE, GBPINR stayed choppy for most of the day and is seen settling at 105.49, up marginally for the day.