GBPUSD NEAR ONE WEEK LOW, HEAVY LOSSES IN GBPINR FUTURES

Published on Feb 14, 2024 14:48

The British Pound is holding around its one week low against the US dollar after sharp losses in last session. The pound tanked after US inflation data and a spirited run in the US dollar index amid heavy risk aversion. However, GBP/USD pair is now oscillating in a tiny range today and currently trades at 1.2557, down 0.15% on the day. Sentiments seemed to have altered after UK consumer price inflation remained unchanged in January. Data from the Office for National Statistics showed today that the consumer price index advanced 4% on a yearly basis, the same rate as seen in December. Core price inflation that strips out energy, food, alcohol and tobacco prices held steady at 5.1 % in January. The US Dollar index is mildly lower around 104.80, coming off its three month top. On the NSE, GBPINR futures tanked to 104.30 and currently quote at 104.32, down 0.83% on the day.