UK POUND AT ONE-WEEK HIGH; GBPINR HOLD ON TO 106 MARK

Published on Jan 12, 2024 11:43

UK pound continues to hold near one-week high, well above $1.27 mark as dollar gave up some of its sharp gains registered overnight. The dollar index continues to hold above 102 mark but is off yesterday�s high of 102.51 after US data revealed hotter than expected inflation data, reducing possibility of Federal rate cut anytime soon. GBPUSD is currently quoting at $1.2778, up 0.08% on the day. From the economic docket, UK is set to reveal GDP and industrial production data among others for the day while US is slated to unveil PPI data later in the global day. On the NSE, GBPINR continues to hold above 106 mark although gains in the counter could be short lived as dollar regains momentum on hopes of interest rates steadying at higher levels for long. The pair on the NSE futures is trading at 106.01, up marginally on the day.