UK Pound Jumps Half A Percent On Improving PMI Data; GBPINR Surges Into Positive Terrain

Published on Jan 24, 2024 17:27

UK pound jumped to a one-week high against the dollar on Wednesday following strong PMI data ahead of the Bank of England`s monetary policy meeting scheduled for next week. Britain`s private sector activity expanded the most in seven months, with service sector growth accelerating to the strongest since last May. S&P Global/CIPS Manufacturing PMI edged higher to 47.3 from 46.2 in the same period, while the Services PMI advanced to 53.8 from 53.4. Meanwhile, mild pullback in dollar index from recent six-week high also supported gains in the pound. The dollar index is quoting at 10294, down 0.45% on the day. Investors look ahead to key US economic data including PMI, GDP and PCE inflation figures this week. Meanwhile, GBPUSD is quoting at $1.2745, up half a percent on the day. The counter regained above $1.27 mark and is expected to hold on to the levels amid of crucial data this week. On the NSE, GBPINR is quoting at 105.94 after touching a high of 10612 during intraday moves.