We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
This website does not provide services to residents of United States.
Market News GBP/JPY Breaks Two-Day Losing Sequence Below 164.00 Amid Firmer Yields, BoE Vs. BoJ Divergence

GBP/JPY Breaks Two-Day Losing Sequence Below 164.00 Amid Firmer Yields, BoE Vs. BoJ Divergence

GBP/JPY gains bids to post its first daily gain in three days. Buyers are recalled by Bailey's hawkish remarks and BoJ officials' defense of the cheap money policy. The GBP/JPY supporters are optimistic as yields remain firmer despite inflationary concerns. G20 headlines and central banker comments are scrutinized for directionality.

Alina Haynes
2023-03-02
9615

 GBP:JPY.png

 

GBP/JPY entices purchasers while gaining offers to 163.80 in the early hours of Thursday, reversing a two-day downtrend, as yields firm and monetary policy divergence between the Bank of England (BoE) and the Bank of Japan (BoJ) persists (BoJ).

 

The cross-currency pair’s latest rebound could also be linked to the market’s anxiety ahead of the Group of 20 (G20) meeting as the latest headlines from the New York Times (NYT) indicate a potential rift between the US and China at the key event. “China is urging the start of peace talks, and some Group of 20 nations could support that notion when they convene in India, but U.S. officials contend Russia would not negotiate in good faith,” said the news.

 

Elsewhere, the US 10-year Treasury bond yields rose to the highest levels since early November 2022 by probing the 4.0% mark whereas the two-year counterpart rallied to the June 2007 levels by penetrating the 4.90% mark at the latest. The rise in the US Treasury bond yields implies the market’s fears of inflation and recession, which in turn probed bulls on Wall Street and impact on S&P 500 Futures of late. It should be noted that the Japanese yen frequently tracks the yields on US Treasury bonds.

 

The contrast between the hawkish remarks of BoE Governor Andrew Bailey and those of BoJ board member Junko Nakagawa provides additional support for the GBP/JPY recovery. BoE Governor Bailey said on Wednesday that some further increase in bank rates may turn out to be appropriate but added that nothing is decided, as reported by Reuters. On the other hand, Nakagawa of the Bank of Japan stated that an accommodating monetary policy is crucial for the time being because it supports the economy.

 

In February, the Jibun Bank Manufacturing PMI for Japan and the S&P/CIPS Manufacturing PMI for the United Kingdom improved slightly from their initial forecasts but remained below the 50.0 level, distinguishing expansion from other activities. Recently, Japan’s Capital Expenditure grew 7.7% during the fourth quarter (Q4) versus 9.8% previous readings and 2.8% market forecasts.

 

Moving on, updates from the G20 could join central bankers’ comments to entertain the GBP/JPY speculators amid a likely lethargic day due to the light calendar.


Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free