Pound Struggles To Recover Above $1.28 Mark; UK Economy Returns To Growth

UK pound is steadying slightly below $1.28 on Wednesday after dollar raced in the previous session following firm US inflation reading that drove treasury yields and greenback alike. Besides, improving economic prospects in UK alongside cooling labor market are increasing probability of BoE reducing interest rates faster than expected, weighing on the counter. British GDP expanded by 0.2% month-on-month in January following a 0.1% decline in December. UK production output growth is estimated to have fallen by 0.2% in the three months to January 2024 when compared with the three months to October 2023. Monthly production output was estimated to have fallen by 0.2% in January 2024; this follows a rise 0.6% in December 2023. GBPUSD is currently quoting at $1.2784, marginally lower on the day. Meanwhile, on the NSE, GBPINR futures gave up 106 levels during the day and are currently down marginally at 105.90.

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