GBP/JPY looks to regain 182.00 as risk profile improves, focus on China stimulus, BoJ – by anilpanchal7 GBPJPY YieldCurve BOE BOJ RiskAppetite
Monetary policy meeting and UK PM Rishi Sunak’s announcements of multiple stimulus measures to defend the Tory government seems to put a floor under the British Pound .
On Monday, Reuters conveyed comments from an anonymous Japanese government spokesperson who expressed optimism about the ties between the Bank of Japan and the Japanese government. The policymaker showed readiness to do their utmost to ensure Japan achieves a positive wage and inflation cycle while also suggesting that consumer inflation move around 1.5% in fiscal 2024.
On the other hand, the UK Preliminary figures of S&P Global/CIPS Manufacturing PMI for July dropped to the lowest level of 2023 with the 45.0 mark versus the market’s expectations of 46.1 and previous readings of 46.5. That said, the Services PMI also printed a six-month low by declining to 51.5 from 53.7 prior and 53.0 market forecasts. With this, the first readings of the Composite PMI edged lower to 50.7 compared to analysts’ estimations of 52.4 and 52.8 prior.
While portraying the mood, the S&P500 Futures remain sidelined near 4,580, struggling to extend the previous day’s recovery, whereas the US 10-year and two-year Treasury bond yields retreat from the highest levels in two weeks to 3.86% and 4.84% in that order. Moving on, a light calendar at home and abroad may restrict immediate moves of the GBP/JPY pair. However, headlines affecting the sentiment will be critical to watch for clear directions.Although the 13-day-old previous resistance line restricts the immediate downside of the GBP/JPY pair near 180.60, buyers need validation from the 21-DMA hurdle of around 182.10 to gain market’s acceptance.
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