GBP/JPY lacks momentum strength around 165.00, UK PMIs, BOE policymakers eyed By anilpanchal7 GBPJPY BOE BOJ PMI YieldCurve
The pair’s latest moves portray indecision of the traders as Japan Government maintains economic assessment for June but an absence of the US bond traders fails to please the yen buyers. Also, the Bank of Japan Governor Haruhiko Kuroda’s comments suggesting the FX rates should reflect fundamentals also failed to gain major attention.
On the other hand, the UK’s downbeat fundamentals and the BOE’s failure to impress bulls seem to underpin the British Pound’s weakness. While the British government braces for inflated pay, UK Junior Treasury Minister Simon Clarke warned that if the government gives above-inflation pay awards, they will be in a difficult place, in terms of bringing down inflation.
Earlier in the day, the Financial Times mentioned that the London City Bosses warn of the UK recession this year. Amid these plays, the stock futures print mild gains in the UK and Europe amid downbeat closing of the US Treasury yields, mainly due to Friday’s softer US data and inaction afterward.Monetary Policy Committee member Jonathan Haskel and Dr. Catherine L Mann will entertain GBP/JPY traders. Though, major attention will be given to the preliminary readings of the UK PMIs for June amid impending recession fears.A clear rebound from the 50-DMA, around 162.
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