UK POUND OFF THREE-MONTH HIGH AGAINST DOLLAR

Published on Jun 13, 2024 16:23

The British pound is seen weakening from a near three-month high as the US Dollar rebounded after the latest interest rate projections from Federal Reserve (Fed) policymakers in the June monetary policy meeting showed that there will be only one rate cut this year, against three anticipated in March. The US Dollar Index (DXY), which tracks the Greenback�s value against six major currencies, recovered to 104.41, up 0.19% on the day after falling briefly below 104 mark yesterday amid cooling inflation data from US. The UK currency came off three month high and fell below its psychological $1.28 mark. Currently, the GBPUSD pair is quoting at $1.2780, down 0.27% on the day. Investors will now shift focus to the BoE�s interest rate policy, which is scheduled for later this month.