UK Pound Lingers Below $1.27 Mark; GBPINR Flat At 104.92

Published on Sep 01, 2023 14:03

UK pound is trading just below $1.27 mark on Friday as dollar renewed gains following overnight US data. The dollar index that measures the greenback against a basket of currencies was trading at 103.51 after hitting the day`s high at 103.74. US annual Core PCE rose to 4.2% in July as expected, from its previous 4.1%. In addition, US Jobless Claims for the week ending on August 25 showed a reading of 228K against the market consensus of 235K and the previous 232K and indicated that the labor market is still resilient. Investors now look ahead to US Non farm payrolls and manufacturing data. Moreover, BoE`s September monetary stance is also cautiously awaited for further cues. GBPUSD is currently quoting at $1.2683, up 0.14% on the day. Meanwhile, on the NSE, GBPINR September futures are trading flat at 104.92.