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UK Pound Pulls Back Mildly After Attaining $1.27 Mark For First Time In 3-Weeks

Published on Apr 10, 2024 14:05

UK pound is showing a marginal pull back on Wednesday after racing to a three week high against the dollar in the previous session. Weakness in dollar overseas is benefiting the British currency. The dollar index has been staying largely indecisive during the week despite a stronger than expected jobs data released last week. Fed officials reiterate that they need more clarity on sustained decline in inflation which rules out possibility of a near term rate cut. Crucial US inflation data and FOMC minutes from March`s meeting on Wednesday are keenly awaited for further cues. Currently, DXY futures are trading at 103.91. GBPUSD futures are quoting at $1.2694, up 0.14% on the day after hitting a high of $1.2715 yesterday.

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