GBPUSD attempts recovery from 3-week low; UK Inflation awaited
The British pound is attempting recovery from a three week low against the dollar on Wednesday, following an over 1% fall in the previous session. Yesterdays sharp decline was in tandem with dollar spike that was driven by safe haven demand amidst ongoing geopolitical turmoil in Middle East. Meanwhile, FOMC decision scheduled this week is also keeping the greenback supported to some extent. The dollar index that measures the greenback against a basket of currencies was gave up yesterday sharp gains and was quoting at 98.24, which contributed to upside in the counter. GBPUSD is currently quoting at $1.3448, up 0.09% on the day. Meanwhile, investors will closely watch UK inflation data for May due for the day that will help determine BoE monetary policy decision slated for later this week. On the NSE, GBPINR futures are trading lower by 0.76% at 116.10.
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