The UK pound received support above $1.26 mark as dollar faced downward pressure and reversed from a near seven week high. The dollar index futures that measures the greenback against a basket of currencies was trading on the sidelines at 103.99 following mixed cues from Fed Powells speech and awaiting further cues from Fridays non-farm data. Powell said that reducing rates too soon or too much could result in a reversal of the progress we have seen on inflation and ultimately require even tighter policy to get inflation back to 2 percent. However he also emphasized that easing policy too late or too little could unduly weaken economic activity and employment. Thus as conditions evolve, monetary policy is well positioned to confront either of these risks, he added. GBPUSD pair is quoting at $1.2663, marginally up on the day and coming off its lowest level in nearly two months. UK services PMI is due for the day. On the NSE, GBPINR futures are trading at 105.67, up 0.38% on the day.
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