GBP/JPY Live News

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GBP/JPY

Jun. 7, 2023

After three days of declines, Pound-Yen is up 65 pips today

Live - Updated 47 minutes ago.

After dipping down to 172.64, Pound-Yen regains earlier losses and reaches 174.03.

On the flip side, United Kingdom Construction PMI beat analyst expectations of 51.1 and the previous reading of 51.1 with new data of 51.6.

Meanwhile, United Kingdom Mortgage Rate (GBP) (May) released today at 08:50 UTC with a figure of 7.44, while the previous figure was 7.35. United Kingdom House Price Index came out at -1%, while a consensus of analysts was expecting -0.9%.

Despite posting gains so far today, GBP/JPY slid below its 10 day Simple Moving Average at 173.23 in earlier trade — an early indicator that a negative trend could be emerging. Pound-Yen's upper Bollinger Band® is at 175.52, this is a slight indication of a slowdown.

Pound-Yen is likely to reverse course and start pointing downward in the short term.

A look at other currencies also shows bullish price action as GBP/NZD jumps 0.51% to trade around 2.0534. GBP/USD gained 0.47% and is now trading at 1.2481. EUR/USD improves 0.24% to trade around 1.0724.

Positive indicators for Pound-Yen are expected going forward as Japan GDP is projected to outperform its last figure with 0.4. It previously stood at zero; data will be released today at 23:50 UTC.

Also worthy of note, Japan Current Account n.s.a. (Apr) will be released today at 23:50 UTC. United Kingdom RICS House Price Balance (May) is expected today at 23:01 UTC.

Having set a peak of 174.22 around 3 days ago, Pound-Yen is now trading 0.48% below this level.

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Week to date

Pound-Yen struggles to make headway in listless market; currently at 174.03 .

Trading week at a glance - GBP/JPY is up to 174.03, after closing yesterday at zero. Overall, a 0% move or 17,402 pips this week. (Trade Pound-Yen with FXTM now).

Nevertheless, data for United Kingdom Construction PMI published yesterday at 08:30 UTC came out at 51.6, beating projections of 51.1 and showing improvement over the preceding figure of 51.1.

At the same time, United Kingdom Composite PMI came out at 54, while a consensus of analysts was expecting 53.9. United Kingdom Services PMI released Monday with a figure of 55.2, while the previous figure was 55.9. United Kingdom Manufacturing PMI came out at 47.1. United Kingdom Mortgage Rate (GBP) (May) released today at 08:50 UTC with a figure of 7.44, while the previous figure was 7.35.

Outlook for rest of the week: Positive indicators for Pound-Yen are expected going forward as United Kingdom Average Earnings Index +Bonus is expected Tuesday.

The market is looking forward to the release of new data: United Kingdom Claimant Count Change (May) is expected Tuesday. United Kingdom GDP (YoY) (Apr) scheduled to come out Wednesday.

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