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Market News GBP/JPY continues rebound to 164.00 on higher rates; attention turns to Downing Street

GBP/JPY continues rebound to 164.00 on higher rates; attention turns to Downing Street

GBP/JPY continues to climb after reaching its highest level in 13 days. The departure of British Prime Minister Boris Johnson from the Conservative Party assuages political anguish, but the search for his replacement tests hope. The market attitude improves in the absence of new triggers indicating further economic difficulties. Biden's meeting with advisors over China tariffs may join risk triggers in entertaining markets.

Alina Haynes
2022-07-08
789

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During the first hour of Friday's Tokyo open, GBP/JPY retains the previous day's gains at about 163.60. Recalling purchasers during the slow Asian session, the cross-currency pair lately applauded diminishing political turbulence at Downing Street and higher US Treasury rates, not to mention the US dollar's decline.

 

The previous day, UK Prime Minister Boris Johnson ultimately resigned from his position as UK Conservative Party Leader following several resignations and heavy cabinet pressure. The measure elicits a sigh of relief from the rebels and guarantees minimal political harm. However, the search for a successor and a naive cabinet with several new appointees continue to confront the risk-taking disposition.

 

Risk aversion also decreased the day before as prominent authorities reiterated prior statements in an effort to calm recession worries. The market was also buoyed by news about China and mixed data from the United States.

 

Bloomberg reports that China will generate $220 billion in stimulus through historic bond sales. Following the conclusion of their most recent virtual conference, officials from the United States and China will meet in person, according to the same report. Beijing is hopeful that by resolving the supply-chain conundrum, it would be able to assist the United States in mitigating its inflation problem; analysts, however, are less impressed.

 

Notably, the recently lower Japan Current Account balance for May, 128.4B vs the projected 185.6B, also permits the GBP/JPY pair to continue stronger. In addition, the broad dollar retreat and the market's anticipation of today's US employment data might be noted as factors boosting the pair's prices recently.

 

As a result of these trades, US Treasury rates resume upward momentum, and Wall Street benchmarks close higher. However, as of press time, S&P 500 Futures are showing slight losses.

 

For new impetus, GBP/JPY traders should keep an eye on UK politics and Brexit stories, not to mention recession concerns.

 

A decisive breach over the 50-day simple moving average (about 162.85 at the time of publication) drives GBP/JPY buyers towards a two-week-old resistance line at 164.15 at the latest.


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