Pound Nears One-Month Low In Cautious Trades Ahead Of BoE Decision; GBPINR Eyes Breach Below 105

Published on Aug 03, 2023 13:12

Pound sterling gave up $1.27 levels and is nearing a one-month low against the dollar on Thursday, tracing strength in the greenback overseas. Meanwhile, the pair is also staying cautious ahead of the crucial BoE monetary policy decision due later today. GBPUSD pair is loitering in the red and is currently seen quoting at $1.2698, down 0.2% on the day. Besides, a firm grasp of dollar index on 102 levels amid better than expected employment data is further weighing down the currency alongside other major peers. ADP said private sector employment shot up by 324,000 jobs in July after a downwardly revised 455,000 jobs in June. The dollar index, a measure of the U.S. currency against six peers, rose to a fresh three-week high of 102.58 in reaction to the data and is currently trading at 102.46. The dollar index has gained 3.0% from a 15-month low on July 18. Meanwhile, GBPINR is staying choppy in a sea of red and edging close to abandoning 105 mark. The pair on the NSE futures is currently quoting at 105.19, having hit an intraday low of 105.02.