UK POUND LACKS LUSTER; GBPINR ATTEMPTS TO STAY IN POSITIVE

Published on Oct 17, 2023 13:21

UK pound is loitering around a week`s low against the dollar for the third consecutive session on Tuesday. GBPUSD is currently seen at $1.2180, down 0.3% on the day. The pair is retreating from three-week high above $1.23 levels hit last week. Bounce back in dollar backed by rising US treasury yields above 4.7% is seen weighing on the counter. Data from UK indicated that average earnings, excluding bonuses, were 7.8% higher than a year earlier during the three months to the end of August, down from an upwardly revised 7.9% in the three months to July, the first such fall since January. Meanwhile, total pay a more volatile measure which includes one-off bonuses was 8.1% higher in the three months to August than a year earlier. On the NSE, GBPINR October futures also lost momentum but attempts to hold in positive, currently at 101.45, up 0.2% on the day after hitting a high of 101.62 during intraday moves.