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April 13, 2023While yesterday ended at 166.17, today, GBP/JPY rallied above 166.6 for the first time in 3 months and gained 28 pips — now trading at 166.46.
United Kingdom's GDP new data released of 0% below its previous figure.
Pound-Yen upside coincides with further encouraging market factors as following a previous reading of 0.4%, GDP in United Kingdom released today at 06:00 UTC fell short of the 0.1% figure expected by analysts with an actual reading of 0%. United Kingdom Manufacturing Production released earlier showed a marked improvement to 0% from the preceding data of -0.1%, but fell short of the 0.2% figure forecast by a consensus of market analysts.
At the same time, United Kingdom Monthly GDP 3M/3M Change (Feb) came out at 0.1, while a consensus of analysts was expecting zero.
Furthermore, the market is looking at United Kingdom NIESR Monthly GDP Tracker is scheduled for today at 12:30 UTC. Japan CFTC JPY speculative net positions is expected tomorrow at 20:30 UTC. United Kingdom BoE MPC Member Pill speech set for today at 13:00 UTC. United Kingdom Labour Productivity (Q4) scheduled to come out tomorrow at 08:30 UTC.
The currency pair has been trending positively for about 2 months. As things stand, Pound-Yen is 14.91% away from a significant low of 144.6 first set 6 months ago.
