GBP/JPY sees an upside above 163.00 ahead of UK Employment – by Sagar_Dua24 GBPJPY BOE BOJ YieldCurve Employment
3.00. The cross is expected to resume its upside journey as investors are worried about the United Kingdom’s labor cost index, which has kept the Bank of England busy with high inflation affairs for the past one year.
The release of the UK’s Employment data will be the key trigger for the Pound Sterling ahead. As per the consensus, the Claimant Count Change will drop by 12.4K, lower than the former release of 12.9K. Three-monthThe major catalyst will be the Average Earnings data, which is expected to decline to 5.7% vs. the prior release of 5.9%. Investors should be aware of the fact that higher employment costs and stubborn food price inflation in the UK economy have been driving inflationary pressures.
It is worth noting that the impact of the Silicon Valley Bank collapse is not restricted to the United States. In a joint statement from the UK Treasury and the, the UK Finance Minister, Jeremy Hunt, said on Monday that the “deposits will be protected, with no taxpayer support.” The UK authorities confirmed that HSBC bank agreed to rescue the Silicon Valley Bank’s UK arm. UK Hunt further added, "No other UK banks are directly materially affected by these actions.
On the Tokyo front, after an unchanged monetary policy announcement by ex-Bank of Japan Governor Haruhiko, investors are shifting their focus toward the commentary from BoJ Kazuo Ueda over the Yield Curve Control and a shift to restrictive monetary policy. Senior Economist at UOB Group Alvin Liew is of the view that “An exit from the YCC and negative interestis inevitable for Japan, the question is how Ueda will execute his plan. We believe Ueda will proceed at a gradual, well-telegraphed pace, and not a sharp and sudden reversal. We see it in two broad steps, 1) Protracted adjustment to its forward guidance on YCC and interest rates and 2) Scrapping of YCC and lifting of the negative policy rate in early 2024.
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