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Pound Stays Cautiously Lower Ahead Of UK Retail Sales

Published on Feb 16, 2024 11:21

UK pound is staying cautiously lower ahead of UK retail price inflation data due later in the day that is likely to provide fresh momentum to the currency pair. Yesterday, UK GDP data confirmed technical recession that weighed down the pair. GBPUSD is currently quoting at $1.2583, down 0.12% on the day. The pair is however staying well supported amid a sharp overnight drop in dollar overseas tracking slide in US treasury yields after weaker than expected US retail sales data. US retail sales for January saw a decrease of -0.8% month-over-month, falling short of both the previous month`s figures and the estimated -0.1% contraction. The dollar index that measures the greenback against a basket of currencies recovered some lost ground and was trading at 104.32 today after having fallen over half a percent yesterday, capping upside for the pair. The 10-year benchmark treasury yields also dipped to around 4.22%. Meanwhile, GBPINR futures on the NSE are also staying choppy although holding in positive terrain at 104.49, up 0.17% on the day.

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