The GBP/JPY cross weakens around 188.70 on Monday during the early European trading hours.
GBP/JPY attracts some sellers to near 188.70 in Monday’s early European session, down 1.27% on the day. A rebound in Japanese 2Q GDPsupports the case for a rate hike by the BoJ. The preliminary UK August S&P Global/CIPS Manufacturing PMI and Japanese July National CPI will be the highlights this week. Hawkish sentiment surrounding the Bank of Japan and the stronger Japanese second-quarter Gross Domestic Product data support the rally of the Japanese Yen and drag the cross lower.
Traders will keep an eye on the preliminary UK S&P Global/CIPS Manufacturing Purchasing Managers Index for August and Japanese National CPI for July for fresh impetus, which is due on Thursday and Friday, respectively. Japanese Yen FAQs What key factors drive the Japanese Yen? The Japanese Yen is one of the world’s most traded currencies.
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