Pound climbs as DXY weakens under 99 mark; GBP/INR futures surge above 120 mark

Don't want to miss the best from Business Standard?

GBP/USD is higher by over half a percent on Wednesday tracking weakness in dollar overseas. The dollar index fell under 99 mark for the first time in more than two weeks amid Fed rate cut expectations. Besides, chatter about Trump mentioning Hassett as a potential Chairman who is known for his dovish stance is also weighing down the greenback. Looking ahead, upcoming monthly US ADP Employment Change data and the ISM Services PMI would be closely monitored for further cues. In the UK, softer inflation, a cooling labor market, and the Autumn November budget have reinforced bets for a December rate cut from the Bank of England (BoE). This could however act as a headwind for the major pair. GBP/USD is currently quoting at $1.3281, up 0.54% on the day. On the NSE, GBP/INR futures are trading at 120, up almost 1% on the day.

Powered by Capital Market - Live News