UK Pound hovers around 1-year high above $1.30 mark

UK pound is hovering around its highest level in over a year against the dollar as investors wait anxiously for Federal Reserve minutes amid rate cut optimism. Moreover, the Bank of Englands (BoE) Governor Andrew Baileys speech at the Jackson Hole Symposium on Friday is expected to provide further insight about BoE interest rate stance amid decelerating pace of inflation in the UK. GBPUSD posted fresh gains to a year high in the previous session and continue to hover around the levels. Currently, the pair is quoting at $1.30. Meanwhile, the dollar index is trading below 102 mark as investor await further cues from the Federal Reserve for clarity on timing and magnitude of interest rate cut. The latest Fed minutes will be released later today while Fed Chair Jerome Powell will speak at the Jackson Hole symposium on Friday.

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