GBP/JPY trades just below its highest level since December 2015 ahead of UK macro data – by hareshmenghani GBPJPY RiskAppetite BOJ BOE Currencies
the Asian session, though lacks follow-through. The cross currently trades around the 176.65-176.70 area and seems poised to prolong its recent upward trajectory witnessed over the past month or so.
The pre-Fed anxiety tempers investors' appetite for riskier assets, which drives some haven flows towards the Japanese Yen and acts as a headwind for the GBP/JPY cross. The downside, however, remains in the wake of a big divergence in the Bank of Japan outlooks. In fact, the markets seem convinced that the BoJ will stick to its dovish stance to support the economy and ensure that the recent positive signs are sustained.
Commenting on the UK jobs data before the House of Lords Economic Affairs Committee, BoE Governor Andrew Bailey noted that the UK labor market is very tight and recovering slowly. Separately, BoE policymaker Catherine Mann said on Tuesday that wage increases of 4.0% would be a challenge to returning CPI to 2.0%. This, in turn, suggests that the fight against inflation is not over yet and supports prospects for a further near-term appreciating move for the GBP/JPY cross.
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