Pound Holds Above $1.30 As UK GDP Contracts At Slower Pace; GBPINR Sustains Rally Above 106

Published on Jul 13, 2023 12:44

UK pound surged above $1.30 for the first time in more than a year amid sharp decline in the dollar overseas following softer that expected US inflation data that is expected to keep the Federal policymakers to turn less hawkish on interest rate hikes. The dollar index that measures the greenback against a basket of currencies is lingering at a 15-month low of 100.14. Meanwhile, data today showed UK manufacturing output arrived at -0.2% m-o-m in May versus -0.5% expected and -0.1% seen in April. Separate data showed British economy contracted 0.1% in May, beating the -0.3% expectations and following a 0.2% expansion in April. GBPUSD futures are staying steady, currently quoting at $1.3013. On the NSE, GBPINR futures are sustaining rally above 106 mark and are currently trading at 106.84, up half a percent on the day.