UK POUND SCALES TO 3-WEEK HIGH; GBPINR JUMPS ABOVE 105 MARK

Published on Feb 22, 2024 17:05

UK Pound scaled higher to a three-week high and hit above $1.27 mark during intraday moves on Thursday. GBPUSD pair is currently quoting at $1.2671, up 0.30% on the day. Weakness in dollar index below 104 mark also supported gains in the pair. Data from UK docket showed UK Manufacturing PMI edged up to 47.1 in February from 47 in January, but below market forecasts of 47.5. Services PMI was unchanged at 54.3 while investors anticipated a decline to 54.1. The Composite PMI was higher at 53.3 against expectations and the former reading of 52.9. The pound stayed supported even as Bank of England (BoE) policymaker Swati Dhingra cautioned about downside risks to the United Kingdom economy due to high interest rates and warned about a hard landing if the BoE delays rate cuts. Meanwhile, on the NSE, GBPINR futures settled higher by 0.32% at 105.01.