UK Pound Poised For Weekly Gain; GfK Consumer Confidence Slides

Published on Feb 23, 2024 11:40

UK pound is consolidating recent streak of gains on Friday and poised for a weekly rise of around half a percent. GBPUSD is currently quoting at $1.2665, firming its grip over the $1.26 mark after having dropped below the level last week. Weakness in dollar index after Fed FOMC remains wary of cutting interest rates too quickly is seen supporting the British currency. Meanwhile, GfK Consumer Confidence indicator in the United Kingdom unexpectedly fell to -21 in February from -19 in January, defying forecasts for a slight improvement to -18 and sliding for the first time in four months. On the NSE, GBPINR is staying choppy just below 105 mark attained in the previous session. The pair is currently trading at 104.99.