GBP/JPY faces resistance around 158.00 amid weaker UK GDP forecasts – by Sagar_Dua24 GBPJPY BOJ BOE Inflation InterestRate
s-confident pullback move by the Pound Sterling has been punished and the downside journey for the cross has resumed.
On Tuesday, the cross was heavily dumped by the market participant. Also, Bank of Japan’ officials confirmed a stealth intervention, a move to provide support to the Japanese Yen.Deputy Governor Masayoshi Amamiya as a successor of BoJ Haruhiko Kuroda. Economists at OCBC analyzed how each contender for BoJ’s novel leadership will impact the Japanese Yen.
A report from Britain's National Institute for Economic and Social Research dictates “One in four British households would be unable to pay for food and energy without using up savings, borrowing or seeking other help in the 2023/24 financial year, up from one in five during the current year,” as reported by Reuters.
The agency has cut its Gross Domestic Product forecasts to 0.2% from 0.7% forecasted earlier and sees growth of 1.0% in 2024, down from 1.7%. Higher interest rates by BoE Governor Andrew Bailey in achieving price stability has dented the scale of economic activities.
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