GBP/JPY approaches 163.00 as street anticipates a dovish stance in BoJ Kuroda’s last policy – by Sagar_Dua24 GBPJPY BOJ BOE Manufacturing Inflation
the critical resistance of 163.00 as investors are expecting the maintenance of ultra-loose monetary policy by the Bank of Japan , which is scheduled for Friday.
BoJ Governor Nominee Kazuo Ueda has already confirmed that current inflationary pressures in Japan are backed by higher import prices. Japan’s labor cost index is still struggling to get on its feet and contribute to overall inflation. Also, domestic demand is insufficient to fuel the ConsumerThe last monetary policy dictation by BoJ Governor HaruhikoAccording to a Reuters poll, April’s monetary policy, the first one by BoJ Ueda will be full of surprises.
Going forward, Japan’s Gross Domestic Product data will be keenly watched. The quarterly GDP is expected to remain steady at 0.2%. While the annualized figure is expected to improve to 0.8% from the former release of 0.6%. On the United Kingdom front, investors are awaiting the release of the manufacturing sector data, scheduled for Friday. Monthly Manufacturing production is expected to contract by 0.1% and the Industrial Production is seen contracting by 0.2% in the same period. policy maker Swati Dhingra could put the Pound Sterling on the tenterhooks. BoE Dhingra has warned against further interest rate increases by citing “Overtightening poses a more material risk at this point.
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