Pound strengthens as dollar loses safe haven appeal; GBPINR soars above 117 mark

GBPUSD surges to a weeks high above $1.36 mark on Tuesday tracking weakness in dollar overseas. Risk sentiment improved after President Trump announced that a ceasefire has been agreed upon between Iran and Israel, reducing appeal for the safe haven currency. Moreover, Fed Governor Bowman and Chicago Fed President Goolsbee said they favored a Fed rate cut at next months FOMC meeting weighing on the greenback. The dollar index that measures the greenback against a basket of currencies is quoting at 97.70, down 0.32% on the day. Investors await Chair Powells semiannual testimonies and the US June Consumer Confidence report later today for fresh cues. Meanwhile, in UK, BoE Governor Andrew Bailey's testimony before the Lords Economic Affairs Committee and speeches from Monetary Policy Committee (MPC) member Megan Greene and Deputy Governor Dave Ramsden during the day will be watched. GBPUSD is currently seen quoting at $1.3609, up 0.60% on the day. On the NSE, GBPINR futures climbed 0.77% to 117.09.

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