UK POUND EYES BREAK ABOVE $1.27; US PCE DATA IN FOCUS FOR FURTHER CUES

Published on Feb 27, 2024 14:57

UK Pound is seen eyeing the next crucial $1.27 mark as the pair is extending gains towards the psychological level on Tuesday. GBPUSD is trading at $1.2697, up 0.13% on the day although the pair is in narrow band awaiting further clarity on timing of rate cut by global central banks. US PCE data due this week is also awaited. The dollar index easing further below 104 mark is also supporting the currency pair. The dollar index against a basket of currencies is quoting at 103.59. Meanwhile, UK shop price inflation eased to around two-year low in February, the British Retail Consortium reported Tuesday. The shop price index saw an annual increase of 2.5 percent on a yearly basis in February, slower than the 2.9 percent rise in January. This was the lowest since March 2022. On the NSE, GBPINR futures were largely steady around 105.20 levels.