UK Pound Breaks Above $1.27 Mark On BoE Remarks; GBPINR Futures Reclaim 106 Levels

Published on Dec 15, 2023 11:56

UK pound regained momentum above $1.27 mark as BoE reiterated in its policy statement that the monetary policy is likely to need to be restrictive for an "extended period of time." GBPUSD gained momentum towards $1.28 in immediate reaction to BoE policy, a near four month high before paring some of its sharp gains and is currently quoting at $1.2766, up marginally on the day. BoE decided to keep interest rates steady at a 15-year high of 5.25% on Thursday. BoE governor, Andrew Bailey, said that there was still some way to go before inflation hits target and further stated that the central bank will continue to monitor the data closely and take the decisions necessary to bring inflation back to 2%. Investors will closely watch the upcoming UK PMI data later today for further cues. On the NSE, GBPINR December futures spiked above 106 mark and registered a gain of over 0.5% on the day.