UK Pound Attempts to Reclaim $1.22 Mark; Awaits BoE Policy

Published on Oct 31, 2023 14:44

UK pound saw a small uptick against the dollar although the counter continues to stay pressured below $1.22 mark ahead of a slew of central bank policy meets this week. Fed�s FOMC and BoE are slated to announce their monetary policy decisions this week. Meanwhile, escalating tensions in the Middle East are also reducing appetite for risk as investors flock to safe haven dollar for safety. Israeli Prime Minister Benjamin Netanyahu rejected calls for a ceasefire in Israel`s war against Hamas and vowed the country would "fight until this battle is won." However a small pull back in dollar index that is trading just below 106 mark is providing pound some much needed relief. GBPUSD is currently seen trading at $1.2177 up 0.09% on the day. On the NSE, GBPINR is also adding gains in line with its global counterpart and the pair is trading at 101.44, up 0.37% on the day.