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April 07, 2023Marginally higher but lacking a clear-cut direction, GBP/JPY is trading at 163.9 after ranging between 163.66 and 164.29 today.
This move comes while some more positive signs for Pound-Yen are out as United Kingdom Construction PMI published yesterday at 08:30 UTC came out at 50.7, falling short of the 53.5 projections and continuing its decline from the previous 54.6 figure.
Meanwhile, Japan Household Spending (YoY) (Feb) released yesterday at 23:30 UTC with a figure of 1.6, while the previous figure was -0.3. Japan Household Spending (MoM) (Feb) came out at -2.4, while a consensus of analysts was expecting -0.4.
Elsewhere, other currency pairs are also gaining ground as NZD/USD moves up 0.26% to trade around 0.6263.
While Pound-Yen is up today, these currencies are lagging behind: after ending yesterday's session at 1.9917, GBP/NZD lost 56 pips and is trading around 1.9861. EUR/NZD is down 57 pips from the beginning of the session and now trades around 1.7425.
Furthermore, the market is looking at United Kingdom CFTC GBP speculative net positions is expected today at 20:30 UTC. Japan CFTC JPY speculative net positions will be released today at 20:30 UTC.
The currency pair has been trending positively for about 2 months. After setting a supportive marker at 144.6 around 5 months ago, Pound-Yen is now trading 13.27% higher.
