UK Pound Lingers Below $1.27 Mark

Published on Dec 21, 2023 13:54

UK pound is off recent three-week high and is lingering below $1.27 mark that was given up following weaker than expected inflation data in Britain. Inflation in the UK as measured by the consumer prices index eased back to its lowest level in more than two years, official figures showed Wednesday. The Office for National Statistics said inflation dropped to 3.9 per cent in the year to November, its lowest level since September 2021, from 4.6 per cent the previous month. Meanwhile, the dollar index hanging around 102 mark awaiting further clarity and ahead of upcoming US PCE data is seen adding some pressure on the pair. GBPUSD is currently trading at $1.2643, down marginally on the day. Meanwhile, GBPINR NSE futures pair also gave up recent momentum but is holding above 105 mark. Currently, the pair is quoting at 105.21, recovering some of its initial decline.