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UK Pound Loses Momentum Below $1.24 Mark; GBPINR Down More Than Half A Percent

Published on Nov 16, 2023 13:47

UK pound faces rejection near $1.25 mark attained on Tuesday and extends decline for the second day against the dollar on Thursday. A slight uptick in dollar index following better than expected US retail sales data is also dampening demand for the Pound currency. The Commerce Department said retail sales slipped by 0.1 percent in October as against expectation of 0.3 percent fall and after advancing by an upwardly revised 0.9 percent in September. Currently, the counter is quoting at $1.2382, down 0.31% on the day. Meanwhile, large currency speculators reduced their net short positions in the Pound futures market last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Pound futures, traded by large speculators and hedge funds, totaled a net short position of 16,252 contracts in the data reported through November 07, 2023. This was a weekly fall of 4119 net contracts. On the NSE, GBPINR futures are staying choppy in negative terrain and quoting at 103.01, down 0.53% on the day.

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