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Market News GBP/JPY Remains Below 194.00 as Markets Await the BoE Decision

GBP/JPY Remains Below 194.00 as Markets Await the BoE Decision

Following a delayed start to the week's UK markets, GBP/JPY floundered. Declining retail sales in the United Kingdom erode bullish GBP momentum. The BoE and UK GDP remain probable this week.

TOP1 Markets Analyst
2024-05-08
11471

 GBP:JPY 2.jpeg

 

A bullish run by GBP/JPY was thwarted at the 194.00 handle, and the pair has been beset by recent technical congestion as it struggles to gain momentum. As UK investors re-entered the markets following a lengthy weekend, UK retail sales figures fell short of expectations, thereby immobilizing the Pound Sterling (GBP).

 

The Japanese Yen (JPY) has been relatively quiet recently, following two alleged "Yenterventions" by the Bank of Japan (BoJ). Although the BoJ has not yet confirmed or denied officially intervening in global currency markets to support the depreciated Yen, BoJ financing reporting revealed the central bank spent approximately nine billion Yen more than necessary on ambiguous market operations.

 

The Bank of England (BoE) is scheduled to release an additional rate decision this week. It is anticipated that the central bank of the United Kingdom will vote 8-to-1 in favor of maintaining the current interest rate, despite the BoE facing challenges related to the uncertain inflation outlook that has been affecting the UK economy.

 

An additional release of UK Gross Domestic Product (GDP) data is scheduled for Friday's early London trading session later this week. The first-quarter GDP of the United Kingdom is anticipated to rebound from the previous quarter's -0.3% decline to 0.4% QoQ.

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