UK Pound Stays Pressured Below $1.2650 As Dollar Regains Momentum

Published on Feb 28, 2024 13:30

UK pound is staying pressured against the dollar on Wednesday amid recovery in dollar index ahead of crucial US inflation slated for the week. Personal Consumption Expenditures (PCE) figures from January and Gross Domestic Product (GDP) revisions from Q4 are keenly awaited. The dollar index that measures the greenback against a basket of currencies is quoting at 104.01, up 0.24% on the day, weighing down peers currencies. GBPUSD pair is currently quoting lower by 0.28% on the day at $1.2646. Meanwhile, Bank of England`s (BoE) Catherine Mann�s speech later in the day is also likely to provide cues for the pair. Bank of England (BoE) Deputy Governor Dave Ramsden said on Tuesday that inflationary pressures persisted, and he needed more data about how long they were expected to last before changing the BoE`s policy stance. On the NSE, GBPINR futures are trading at 105.02, down 0.17% on the day.