POUND STALLS AFTER RECOVERING TO FRESH MONTHLY HIGH

Published on May 16, 2024 17:05

UK pound lost momentum against the dollar on Thursday but continues to hold over a one-month high. GBPUSD pulled back slightly after accentuating gains during the week to its best level since second week of April. Currently, the pair is quoting at $1.2674, down 0.07% on the day as dollar recovered from a steep slide. The dollar index, that measures the greenback against a basket of currencies mildly rebounded after a decline below 104 mark yesterday and is now trading at 104.26, up 0.05% on the day. Going forward, the pound will be guided by the US Dollar that would take cues from Fed policymakers� commentary on the interest rate guidance.