UK POUND STAYS SUPPORTED AHEAD OF BOE DECISION

Published on Nov 02, 2023 14:51

UK pound is staying cautiously supported ahead of BoE monetary policy monetary policy decision due later in the global day. GBPUSD is quoting at $1.2167, up 0.28% on the day as the pair draws support from weakness in the dollar overseas. The dollar index lost momentum and stayed lower by over half a percent on Thursday as Fed kept interest rates steady for the second time although the central bank left the door open to further monetary tightening amid persistently high inflation. Easing treasury yields currency off recent highs at 4.7% also led dollar lower. The dollar index that measures the greenback against a basket of currencies was trading at 106.21, down 0.5% on the day. Indications from the Fed that end of the rate cycle is near triggered a sell-off in dollar. Meanwhile, on the NSE, GBPINR futures were also in positive terrain and trading at 101.41, up .2% on the day.