UK POUND EASES FROM SEVEN-WEEK HIGH VERSUS DOLLAR; GBPINR TUMBLE BELOW 103 LEVELS

Published on Nov 07, 2023 14:10

UK pound is losing momentum after hitting an over seven week high in the previous session. Rebound in dollar overseas is seen adding pressure on the GBPUSD pair. The pair is currently quoting at $1.233 after hitting a high of $1.2432 yesterday. The dollar index that measures the greenback against a basket of currencies added strength in the dollar on the back of renewed gains in the US benchmark treasury yields to 4.6% after hawkish comments reported from Minneapolis Federal chief Neel Kashkari indicating he is still leaning toward raising interest rates again to bring inflation down to the central bank`s 2% target, added pressure on the pair. The dollar index bounced back above 105 mark and is currently quoting at 105.29, up 0.23% on the day. Meanwhile, data showed Halifax house prices in the UK rose in October, after falling for six months in a row and at a faster than expected pace despite the subdued market. The house price index rose 1.1 percent from September, when they declined 0.3 percent. Meanwhile, on the NSE, GBPINR futures pair tumbled sharply lower by around 0.68% on the day to be trading at 102.65.