The GBP/JPY pair finds temporary support near 194.00 in Friday’s North American session after a two-day sell-off amid weakness in the Pound Sterling (GBP) across the board.
GBP/JPY discovers a temporary cushion near 194.00, while its outlook remains uncertain. UK 30-year gilt yields soared amid growing concerns over mounting debt and caution over Trump’s protectionist policies. The BoJ said that it is considering raising the inflation forecast due to the depreciating Yen. The GBP/JPY pair finds temporary support near 194.00 in Friday’s North American session after a two-day sell-off amid weakness in the Pound Sterling across the board.
Higher UK gilt yields have resulted in a sharp increase in the government’s borrowing costs, which could prompt the need for more tax collection and lower public spending by the finance ministry, given that the Chancellor of the Exchequer vowed to avoid tapping borrowings to incur day-to-day spending. However, UK Treasury Minister Darren Jones clarified at the House of Commons on Thursday that the government's decision to only borrow for investment was non-negotiable.
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