UK POUND EXTENDING DOWNSIDE AGAINST DOLLAR; US CPI EYED

Published on Feb 13, 2024 11:50

UK pound is extending downside against the dollar on Tuesday as the greenback is staying upbeat ahead of US inflation data later in the global day that would provide further clarity on Federal course of action. GBPUSD is currently quoting at $1.2619, marginally down on the day. Bank of England Governor Andrew Bailey reportedly said on Monday it was not too important whether official data due this week shows the economy shrank in the final quarter of last year and entered a shallow `technical` recession. On the domestic docket, UK is slated to release Claimant count change that could determine labor market situation in the region. On the NSE, GBPINR futures are seen choppy at 104.80.