GBPUSD Lingers Near One-Week Low; UK GDP Fails To Grow In Q3

Published on Nov 10, 2023 14:27

UK Pound is seen pressured near a one-week low against the dollar on Friday. GBPUSD pair is trading at $1.2232, up 0.08% on the day, but down for the fifth day in a row. Official figures today showed UK`s economy failed to grow between July to September compared to the previous three months. Gross domestic product showed no growth in the July-September period, following 0.2-percent expansion in the second quarter, weighed down by elevated inflation and interest-rate hikes. With dismal growth figures BoE is likely keeping interest rate hikes off the table that is pressurizing the UK currency. On the other hand, Fed Powell stated overnight that he would not hesitate to hike rates to keep inflation within target levels. Hawkish tone by Fed chief drove treasury yields and dollar index higher and is currently quoting at 105.74.On the NSE, GBPINR futures are extending slide to 101.97, down 0.23% on the day.