GBP/JPY refreshes daily low, drops back closer to mid-157.00s amid risk-off mood – by hareshmenghani GBPJPY BOJ Recession BOE Currencies
n Thursday. Spot prices snap a three-day winning streak and drop back closer to mid-157.00s, hitting a fresh daily low heading into the European session.
As investors digest the Bank of Japan's dovish policy decision on Wednesday, looming recession risks boost demand for the safe-haven Japanese Yen and exert pressure on the GBP/JPY cross. Investors remain concerned about the potential headwinds stemming from the worst yet COVID-19 outbreak in China. Apart from this, the protracted Russia-Ukraine war has been fueling worries about a deeper global economic downturn.
The fears were fueled by Wednesday's weaker US macro data, which showed that retail sales in December fell by the most in a year and manufacturing output recorded its biggest drop in nearly two years. This, in turn, forces investors to take refuge in traditional safe-haven assets and benefits the JPY.
In the absence of any relevant market-moving economic releases from the UK, the aforementioned mixed fundamental backdrop warrants some caution for aggressive bearish traders. Hence, it will be prudent to wait for strong follow-through selling before positioning for any further depreciating move for the GBP/JPY cross.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
GBP/JPY rallies to mid-160.00s on BoJ inaction, Kuroda’s speech, UK inflation eyedGBP/JPY braces for the biggest daily gains in two weeks after the Bank of Japan (BoJ) disappointed the Yen buyers during early Wednesday. Adding stren
Leer más »
GBP/JPY fails to sustain above 157.00 as UK wage growth triggers higher inflation projectionsGBP/JPY is struggling to shift its business above the immediate resistance of 157.00 in the early European session. The cross is facing barricades in
Leer más »
GBP/JPY Price Analysis: Bulls have a tough road to north as BoJ, UK inflation loomGBP/JPY bulls attack 158.00 during the three-day uptrend amid early Wednesday. In doing so, the cross-currency pair portrays the broad Yen weakness ah
Leer más »
GBP/JPY struggles around 159.00 as focus shifts to Japan’s InflationThe GBP/JPY pair is displaying topsy-turvy moves around the critical hurdle of 159.00 in early Asia. The cross has shifted into a rangebound territory
Leer más »
WTI crude oil stays depressed around mid-$79.00s amid fresh recession fearsWTI crude oil holds lower ground near $79.50 amid early Thursday, after witnessing a heavy sell-off from the 1.5-month high the previous day. In doing
Leer más »
00s red carpet style: Tar actress Cate Blanchett's casual suits and iconic Oscars dressesThe 'Tár' actress made her mark on the backless dress in Galliano, Gaultier and Givenchy.
Leer más »