The GBP/JPY cross trades in negative territory for two straight days, hovering around the 191.00 mark on Thursday. The dovish remarks from the Bank of England (BoE) exert some selling pressure on the Pound Sterling (GBP).
The latest data from the Office for National Statistics showed on Thursday that the UK Gross Domestic Product (GDP) for the fourth quarter (GDP) contracted 0.3% QoQ and 0.2% YoY in Q4. Both figures were in line with market expectations. The GBP remains weak following the UK GDP numbers as the markets raise their bet that the Bank of England (BoE) will begin three quarter-point reductions in rates this year. The BoE Governor Andrew Bailey said that interest rate cuts will be ‘in play’ at future BoE policy meetings.
On the other hand, the weakening of the Japanese Yen might be limited amid speculation that the Bank of Japan (BoJ) will intervene in the FX market to stop disorderly and speculative moves in the currency. Japan’s Chief Cabinet Secretary Yishimasa Hayashi stated on Thursday that he will closely watch the FX volatility and won’t rule out any steps against excessive moves.
Moving on, market participants will keep an eye on the Tokyo Consumer Price Index (CPI) for March, Unemployment Rate, Industrial Production, and Retail Trade, due on Friday. If the Japanese CPI data shows softer-than-estimated, this could complicate the BoJ's interest rate hike path and weigh on the JPY. The UK market will be closed on the occasion of Good Friday.
Overview | |
---|---|
Today last price | 191.02 |
Today Daily Change | -0.13 |
Today Daily Change % | -0.07 |
Today daily open | 191.15 |
Trends | |
---|---|
Daily SMA20 | 190.34 |
Daily SMA50 | 189.26 |
Daily SMA100 | 186.67 |
Daily SMA200 | 184.78 |
Levels | |
---|---|
Previous Daily High | 191.54 |
Previous Daily Low | 190.51 |
Previous Weekly High | 193.54 |
Previous Weekly Low | 189.54 |
Previous Monthly High | 191.33 |
Previous Monthly Low | 185.23 |
Daily Fibonacci 38.2% | 190.9 |
Daily Fibonacci 61.8% | 191.15 |
Daily Pivot Point S1 | 190.6 |
Daily Pivot Point S2 | 190.04 |
Daily Pivot Point S3 | 189.57 |
Daily Pivot Point R1 | 191.62 |
Daily Pivot Point R2 | 192.1 |
Daily Pivot Point R3 | 192.65 |
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