GBPUSD RECLAIMS GROUND ABOVE $1.29 AHEAD OF BOE POLICY DECISION

Published on Nov 07, 2024 14:57

The Great Britain pound is seen recovering from a near 11-week low against the dollar on Thursday awaiting BoE policy decision to be unveiled later in the global day. The central bank could be further inclined to a dovish stance after an unexpectedly fast slowdown in inflation. Besides, a pause in USD rally to a four month high amid Trump�s decisive victory in the US Presidential election could also provide some support to the counter. US benchmark treasury yields spiked over 13 bps to 4.42% whereas dollar index climbed nearly 2% briefly above 105 mark following Republican Donald Trump�s decisive victory in the US presidential election. Looking ahead, the outcome of a two-day Federal Open Market Committee (FOMC) policy meeting, along with Federal Reserve (Fed) Chair Jerome Powell`s comments at the post-meeting press conference will play a key role in influencing the USD. Currently, GBPUSD is quoting at 1.2916, up 0.22% on the day.