GBP/JPY Reclaims 186.00 On The Back Of UK Labor Data, Depreciating The Yen
At 186.19, the GBP/JPY momentarily reached multi-week highs. The number of new positions in the United Kingdom increased, while unemployment remained unchanged. Tuesday sees widespread declines in the value of the Japanese yen.

On Tuesday, GBP/JPY surged to a new multi-week high above the 186.00 handle, accompanied by broad-market declines in the Japanese Yen (JPY) and a fleeting ascent of the Pound Sterling (GBP) on the charts following UK labor data indicating that more jobs were added in December compared to the previous month.
December's Claimant Count modification for the United Kingdom revealed 11.7K new unemployment benefits applicants, whereas November's initial estimate of 16,000 was drastically revised to just 600. The UK Claimant Count Change is notorious for late revisions after the fact, and when January's unemployment claims figures are released, markets will anticipate a downward revision similar to December's figure.
For the quarter ending in November, Average Hourly Earnings Including Bonuses decreased further than anticipated, closing at 6.5%, below the consensus estimate of 6.8% and a further decline from the prior quarter's 7.2%.
The Employment Change in the United Kingdom experienced a significant increase of 73K in November, surpassing the 50K recorded in October. This represents the highest net job gains for the United Kingdom since July of last year, when 102K were added.
Early Wednesday at 02:00 GMT, China is scheduled to release its Gross Domestic Product (GDP), Industrial Production, and Retail Sales figures, all of which will be of interest to market participants in the Pacific. In addition, a second set of GBP data containing UK Producer Price Index (PPI), Consumer Price Index (CPI), and Retail Price Index figures is released.
The Retail Price Index is anticipated to rise from -0.1% to 0.4% MoM for the same period, while the UK CPI is anticipated to rebound from -0.2% to 0.2% in December. Additionally, it is anticipated that the non-seasonally-adjusted PPI-Output for the year ending in December will rise from -0.2% to 0.4%.
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