Pound Strengthens Footing Above $1.26 Mark As Dollar Takes A Breather; GBPINR Futures In Positive

Published on Feb 07, 2024 10:38

UK pound edges higher against dollar on Wednesday morning giving back some of its recent losses and recovering from an eight week low. GBPUSD is quoting at $1.2605, up 0.08% on the day and regaining momentum back above $1.26 mark. Lack of any major data from US led a slight pullback in greenback and treasury yields alike, in turn supporting peer currencies. The dollar index shot up to a near three month high following robust jobs data and Fed Powell�s comments that reduced possibility of an early Federal rate cut. The dollar index is taking a breather under 104 mark, awaiting further cues on Federal stance. Meanwhile, on the NSE, GBPINR erased its initial spike, gained on the back of pound strength overnight and is currently quoting at 104.69, up 0.38% on the day. The pair touched an intraday high of 104.80.