UK Pound Ticks Higher As Dollar Pulls Back; CPI Data Awaited

Published on Oct 18, 2023 11:19

The UK pound is seen benefiting from dollar pull back overseas as greenback looks to Federal Reserve Powell`s speech later this week for clarity on rates. Overnight data showed stronger-than-expected US retail sales and industrial production data. The dollar index is oscillating on both sides of the crucial 106 mark and will be crucial to understand which side the index tilts after Powell speech this week. Meanwhile, GBPUSD pair is quoting slightly higher at $1.2189 ahead of the much awaited Consumer Price Index (CPI) data from the UK for September. The pair gave up $1.22 levels yesterday and continues to linger under the mark. On the NSE, GBPINR October futures are also seen edging higher at 101.48, up 0.12% on the day.