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Market News GBP/JPY Falls Below 168.00 on Less Aggressive BOE Outlook and as UK Retail Sales Are Anticipated

GBP/JPY Falls Below 168.00 on Less Aggressive BOE Outlook and as UK Retail Sales Are Anticipated

GBP/JPY has fallen below the 168.00 support level as speculators anticipate that BOE interest rates will soon peak. BOE's Mann advocated for a 75 bps rate hike, citing the increased risk of inflation due to the labor market's tightness. Annual Retail Sales in the UK may decline by 5.6%, while monthly figures will decline by 0.3%.

Alina Haynes

2022-12-16

2179

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In the early Asian session, the GBP/JPY pair has ceded the important support level of 168.00 due to contradictory answers from Bank of England (BOE) policymakers over interest rates. Following in the footsteps of GBP/USD, the cross is displaying a risk-off impulse that has been supported by market players.

The asset experienced strong pressure after BOE Governor Andrew Bailey unveiled the monetary policy for December. In line with market expectations, the Bank of England (BOE) raised its interest rates by 50 basis points (bps) to 3.5%. The statement that additional interest rate hikes may be required in the future affected the value of the pound sterling. This strengthens the argument that the BOE interest rate is close to its maximum, but the policy will stay restrictive until price stability is achieved.

Two BOE Monetary Policy Committee (MPC) members voted for the maintenance of a status quo by the bank as they considered that the current monetary policy is restrictive enough to manage inflationary pressures. Catherine Mann, a policymaker at the Bank of England, advocated for a 75 basis point (bps) rate hike, citing the continued possibility of higher inflation due to the strong labor market and a recent increase in household wages, which may outweigh the recent decrease in the November inflation data.

Going forward, investors will keep an eye on United Kingdom Retail Sales data, which will release on Friday. According to the predictions, the annual economic data (Nov) is likely to decrease by 5.6%, compared to 6.1% previously reported. While the monthly statistics will decrease from 0.6% to 0.3%, the previous release was 0.6%.

On the Tokyo front, investors are monitoring Jibun Bank PMI information. It is anticipated that the Manufacturing PMI would decrease to 48 from 49 in the previous release. The Services PMI is anticipated to increase to 51.1 from the previous reading of 50.