UK Pound Pressured Below $1.27; GBPINR Losing Momentum

Published on Mar 05, 2024 13:02

UK Pound sterling futures are seen pressured below $1.27 on Tuesday amid modest recovery in dollar overseas. The dollar index that measures the greenback against a basket of currencies is quoting at 103.87, up 0.08% on the day with focus on upcoming Nonfarm Payrolls report and Federal Reserve Chair Jerome Powell`s congressional testimony. GBPUSD is currently quoting at $1.2678, down 0.11% on the day. Meanwhile, total retail sales increased at an annual rate of 1.1 per cent last month, down from 1.2 per cent in January, said trade body the British Retail Consortium. This was below the three-month average of 1.4 per cent and the 12-month average of 3.1 per cent. Final services, construction PMI alongside Annual budget is slated for the week on the UK docket. On the NSE, GBPINR is trading at 105.20, up 0.05% on the day but losing momentum through the day.