UK Pound Extends Decline Below $1.27 Mark; GBPINR In Red

Published on Jan 10, 2024 13:03

UK pound extended decline on Wednesday and dipped below $1.27 mark as dollar holds ground ahead of crucial US inflation data later this week. The upcoming data is expected to give more clarity on Federal stance going forward. The U.S. dollar index, which measures the greenback against a basket of six currencies, was last up 0.05% at 102.34. GBPUSD was quoting lower marginally at $1.2699. DeAnne Julius, a former member of the Bank of England`s (BoE) monetary policy committee recently stated that the central bank won`t be in a position to start cutting interest rates in 2024. Additionally, she mentioned that the escalating tensions in the Middle East could potentially lead to a new round of energy price increases, triggering a new inflation shock. Investors now await BoE`s Governor Andrew Bailey�s speech due later today. On the NSE, GBPINR fell through the day and is currently quoting at 105.59, down 0.18% on the day.