The GBP/JPY cross holds positive ground for the third consecutive day after bouncing off the weekly low of 178.08 during the Asian session on Friday.
GBP/JPY holds above the 181.00 mark on Friday. The downbeat UK economic data added to the country's dismal economic outlook. Japanese Labor Cash Earnings for August rose by 1.1% YoY vs. 1.3% prior, below than expected. The speculation that Japanese authorities will intervene in the currency remains in traders’s focus in the quiet day of top-tier data released from both Japan and the UK. The cross currently trades near 181.09, up 0.02% on the day.
Suzuki noted that there are various factors to consider when determining if currency fluctuations are excessive, and there would be no change in how the government handles them. That said, the potential intervention by the Japanese authorities to support JPY might act as a headwind for the GBP/JPY cross. Earlier Friday, the latest data revealed that Japanese Labor Cash Earnings for August rose by 1.1% YoY versus 1.3% prior, below the estimation of 1.5%.
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