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British Pound Holds Above $1.24 Mark; UK Retail Sales Stagnates In March

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The British pound sees a minor uptick from a 5-month low against the dollar on Friday even as risk off sentiments could drag the unit further down. Persistent Middle East tensions could drag the greenback higher which could add pressure on the Britain currency. The dollar index is pulling back slightly below 106 mark during intraday moves today, supporting gains in pound. Currently, GBPUSD is quoting at $1.2449, up 0.08% on the day and holding above the crucial $1.24 mark. Meanwhile, data from the UK docket showed retail sales were unchanged in March compared with the previous month, less than the 0.3% increase forecast. In February, Retail Sales grew by a meager 0.1%. On an annual basis, Retail Sales grew sharply by 0.8% after contracting by 0.3% in February. This stagnation in retail sales indicates that central banks high interest rates have significantly impacted consumer spending. Meanwhile, Federal Reserve future course of action is likely to guide the currency pairs going ahead. On the NSE, GBPINR April futures are trading with small volumes at 104.03.
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First Published: Apr 19 2024 | 3:05 PM IST

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