GBP/JPY trades with a mild negative bias for the second straight day, albeit lacks follow-through.
The BoE’s bleak outlook for the UK economy continues to weigh on the GBP and exert pressure. The downside remains cushioned as traders now look to BoE Governor Andrew Bailey’s speech. The GBP/JPY cross ticks lower for the second successive day on Wednesday and remains on the defensive below the 185.00 psychological mark through the first half of the European session.
However, Ueda, addressing the parliament this Wednesday, said that the central bank does not need to wait until inflation-adjusted wage growth turns positive before it ends ultra-loose monetary policy. Ueda added that wages and inflation needed to rise in tandem for the BoJ to consider exiting the decade-long accommodative policy settings. The aforementioned mixed fundamental backdrop warrants some caution before placing aggressive directional bets around the GBP/JPY cross.
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