Pound-Yen inches up to 161.47, after ending the last session at zero (down 0%) .
Trading week at a glance - GBP/JPY is up to 161.47, after closing yesterday at zero. Overall, a 0% move or 16,146 pips this week. (Trade Pound-Yen with FXTM now).
Pound-Yen upside coincides with further encouraging market factors as following a previous reading of 56.4, Construction PMI (Jun) in United Kingdom released today at 8:30 AM fell short of the 55 figure expected by analysts with an actual reading of 52.6. United Kingdom Manufacturing PMI (Jun) published Friday came out at 52.8, falling short of the 53.4 projections and continuing its decline from the previous 54.6 figure.
Nevertheless United Kingdom Services PMI (Jun) beats expectations of 53.4 with new data release of 54.3. This is also a step forward from the previous data of 53.4. United Kingdom Composite PMI (Jun) beats expectations of 53.1 with new data release of 53.7. This is also a step forward from the previous data of 53.1. Following a previous reading of 14, Tankan Large Manufacturers Index (Q2) in Japan released Thursday fell short of the 13 figure expected by analysts with an actual reading of nine.
Outlook for rest of the week: Positive Pound-Yen indicators are expected going forward as United Kingdom Manufacturing Production (MoM) (May) is expected Wednesday.
The market is looking forward to the release of new data: Japan Household Spending (YoY) (May) is projected to outperform its last figure with 2.1. It previously stood at -1.7, and data will be released tomorrow at 11:30 PM. United Kingdom Industrial Production (MoM) (May) is projected to rise to 0.2, beating the previous -0.6 figure. Official data is expected Wednesday.