UK POUND STAYING PRESSURED AGAINST DOLLAR; BEARS GUIDE GBPINR WELL BELOW 105 MARK

Published on Dec 07, 2023 14:02

UK pound is extending downside against the dollar on Thursday although a slight pull back in greenback is seen supporting the pair into positive region during intraday moves. GBPUSD is seen quoting at $1.2580, up 0.14% on the day but continues to stay pressured under $1.26 mark for the third straight day. The dollar index is staying broadly strong ahead of the crucial non farms data due this week to add clarity to Federal rate stance. At the time of writing, the dollar index edged just below 104 mark, giving some much needed respite to peers. Data from UK showed Halifax House Price Index declined by 1.0% year-on-year in November 2023, following a revised 3.1% drop in October. On a monthly basis, house prices increased by 0.5%, marking a second consecutive month of increases. On the NSE, GBPINR futures are trading at 104.84, down 0.13% on the day and after a sharp gap down opening at 104.76.