UK Pound Eyes $1.28 Amid Dollar Pullback Ahead Of Crucial US Data; GBPINR Gathers Momentum Around 106 Mark

Published on Jan 11, 2024 11:42

UK pound extended further gains on Thursday amid mild pullback in US dollar overseas ahead of crucial data due later today. The dollar index eased below 102 mark, sliding for the second straight session as investors braced for key US inflation data that could influence the outlook on Federal Reserve monetary policy. If US inflation continues its recent moderating trend, dollar index is likely to ease further, benefiting gains in GBPUSD pair. The pair is currently quoting at $1.2772, up 0.19% on the day and is eyeing $1.28 levels today although UK GDP and industrial production data on Friday could impede gains. On the NSE, GBPINR touched a high above 106 levels before paring some of early gains. Currently, the pair is quoting at 105.93, up 0.18% on the day and is seen reclaiming gains above 106 intraday.