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June 13, 2023While yesterday ended at 174.63, today, GBP/JPY rallied above 176.87 for the first time in 7 years and gained 219 pips — now trading at 176.83.
Pound-Yen is currently trading at 176.83 following the release of BoE Gov Bailey speech data from the United Kingdom.
On the flip side, data for United Kingdom Average Earnings Index +Bonus published today at 06:00 UTC came out at 6.5, beating projections of 6.1 and showing improvement over the preceding figure of 6.1.
Meanwhile, United Kingdom Claimant Count Change (May) released today at 06:00 UTC with a figure of -13,600, while the previous figure was 23,400. United Kingdom Employment Change 3M/3M (MoM) (Apr) came out at 250,000, while a consensus of analysts was expecting 150,000.
Elsewhere, other currency pairs are also gaining ground as having closed the previous session at 1.2515, GBP/USD is up 0.76% today to currently trade at around 1.261. Having closed the previous session at 150.13, EUR/JPY is up 0.75% today to currently trade at around 151.26.
While Pound-Yen is up today, these currencies are lagging behind: EUR/GBP is trading around 0.8552 (down 43 pips).
Positive indicators for Pound-Yen are expected going forward as United Kingdom Manufacturing Production projected to come out at -0.4% — worse than previous data of 0.7%; data will be released tomorrow at 06:00 UTC.
Furthermore, the market is looking at United Kingdom GDP is projected to outperform its last figure with 0.2%. It previously stood at -0.3%; data will be released tomorrow at 06:00 UTC.
The market is looking forward to the release of new data: United Kingdom Monthly GDP 3M/3M Change (Apr) is scheduled for tomorrow at 06:00 UTC. United Kingdom GDP (YoY) (Apr) is expected tomorrow at 06:00 UTC.
The currency pair has been trending positively for about a month. Having set a peak of 175.33 around 2 days ago, Pound-Yen is now trading 0.4% below this level.
