Pound slumps over half a percent against dollar; BoE interest rate decision in focus

Pound slumped by over half a percent against dollar on Thursday to its lowest level in two weeks ahead of Bank of Englands interest rate decision. Broad strength in the greenback is adding pressure on the GBP/USD counter that is currently quoting at $1.3584, down 0.57% on the day. Trumps pick of hawkish Fed chair is also seen capping gains in the basket currencies. The counter is abating from 4-year high levels attained last week. The dollar index is holding at 97.70, up 0.20% on the day. Investors will now focus on US JOLTS Job Openings data for December and Fed speakers for further cues. ECB monetary policy announcement is also slated for later in the day. On the NSE, GBP/INR futures are down more than 1% at 122.75.

 

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