GBP/JPY attempts a break above 167.00 ahead of UK employment data – by Sagar_Dua24 GBPJPY BOE BOJ Inflation Employment
The UK headline CPI is expected to remain above 10% consecutively.The GBP/JPY pair has moved higher after displaying topsy-turvy moves in a 166.50-166.90 range as the market participants have shifted to the sidelines ahead of the UK employment data. The asset turned sideways followed by a vertical upside move from Friday’s low around 164.30.
The crucial trigger which will bring demolish the consolidation will be the UK employment data. The Unemployment Rate is expected to remain unchanged at 3.8%. While the number of individuals claiming jobless benefits will decline by 9.2k. The Average Earnings data will improve significantly by 5% vs. 4.7%, which will support the households to offset the higher payouts led by soaring inflation.
It is worth noting that price pressures in the UK economy are operating above the double-digit figure, which is acting as headwinds for the households. Higher price pressures forced households to scale down their consumption. Also, lower labor cost data was unable to offset the higher payouts. Now, an improvement in Average Hourly Earnings will support them to keep up their consumption pattern. data, which will release on Wednesday. The headline inflation figure is expected to improve to 10.
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