UK Pound Attempts To Hold Ground Above $1.27 Mark

Published on Jan 09, 2024 11:08

UK pound is snapping gains from a one-week high against the dollar on Tuesday morning even as greenback stays subdued overseas. The US dollar index turned submissive below 102 mark, pausing its recent rally as investors stayed on the sidelines ahead of key US inflation data this week that could offer clues on the Federal Reserve�s next policy moves. GBPUSD is trading at $1.2750, lower by 0.12% on the day but attempting to hold above $1.27 mark. The pair climbed to a one-week high in the last couple of days but have yet to regain $1.28 in the New Year. Data earlier in the day showed retail sales in the United Kingdom rose 1.9% in December 2023 from a year ago, slowing from a 2.6% gain in November amid lackluster sales during the Christmas holidays. Meanwhile, on the NSE, GBPINR futures are trimming some of the early day gains but still hold ground at 105.92, up 0.19% on the day.