UK Pound Steadies Near One-Week High; FOMC Minutes Awaited

UK pound is steadying around one-week high against the dollar on Wednesday tracking a pull back in dollar index below 104 mark amid apprehension over Feds future course of action. Moreover, encouraging statement about Britain economy from BoEs Bailey also kept the pair supported. Bank of England Governor Andrew Bailey said on Tuesday that the central bank saw clear signs of an upturn in Britain's economy. Bailey said bets by investors on interest rate cuts this year were not unreasonable but he also pointed to clear signs of an upturn in Britain's economy after it fell into recession at the end of last year. Investors are awaiting clarity from the Fed minutes due later in the global day that comes following last week's hotter-than-expectation US inflation data. GBPUSD is quoting at $1.2637, up 0.13% on the day. With lack of economic data from UK docket, the pair is likely to track dollar for cues all through the day. Meanwhile, GBPINR has also rebounded to 104.72, up 0.16% on the day.

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