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Pound Cautiously Holds Around $1.30 Levels Ahead Of UK Inflation Data

Published on Jul 18, 2023 15:13

GBPINR futures regained momentum on Tuesday following a mild pullback in the previous session. Pound is steadying above $1.30 levels against the dollar ahead of UK inflation data tomorrow as an elevated figure could drive further policy tightening. BoE nine-member Monetary Policy Committee in June voted 7-2 for an increase in key rate to 5 per cent, the highest level in 15 years and the biggest move since February. US retail sales data due later in the global day is also awaited keenly for further cues on Federal stance. Meanwhile, the dollar index struggles below 100 mark, its lowest level since April 2022 amid large scale sell-off. US benchmark treasury yields are also trading lower at around 3.7% after hitting 4% last week. GBPUSD is quoting at $1.3095, up 0.08% on the day. Meanwhile, on the NSE, GBPINR futures are currently up 0.05% on the day at 107.38.

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