UK POUND STEADIES AROUND $1.2630 AS DOLLAR STAYS MUTED

Published on Feb 08, 2024 10:59

UK pound is steadying around $1.2632 on Thursday after coming off an eight week low hit at the start of the week. Slight bearish tone in the greenback is keeping the GBPUSD pair supported. The dollar index however continues to stay near 104 mark amid cautious tone from Federal officials that could cap upside for GBPUSD. Federal Reserve Governor Adriana Kugler�s said on Wednesday that inflation is showing solid signs of slowing down, but she is not ready yet to start lowering interest rates. Minneapolis Fed President Neel Kashkari also expressed caution about cutting rates too quickly and said he only expects two or three reductions this year. The pair is currently quoting at $1.2633, almost flat on the day. Meanwhile, GBPINR futures pair on the NSE lost momentum and dipped marginally to 104.82.