GBPINR spot plunged by 0.22 percent

GBPINR spot plunged by 0.22 percent as lack of agreement between the EU and Britain over Brexit negotiations kept the Pound pressurized. UK’s CPI hit a 5-1/2-year high and kept prospects of a 25bp rate hike alive at the BoE's Nov 2 meeting, but the suspicion that the MPC will shrink from further tightening has pummeled the pound. GBPINR spot is expected to trade lower on the back of weak retail sales figures, strained nature of Brexit talks, and latest dovish comment by BoE’s deputy governor.

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