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May 04, 2023Slightly weaker but mostly flat: GBP/JPY is currently trading at 168.11 as it maintains an active range between 168.09 and 169.53.
Pound-Yen is currently trading at 168.11 following the release of Services PMI data from the United Kingdom.
Amid the market gloom, United Kingdom Composite PMI released today at 08:30 UTC with a figure of 54.9, while the previous figure was 52.2. United Kingdom Services PMI came out at 55.9, while a consensus of analysts was expecting 54.9.
In the meantime, negative performances are also seen in other pairs as EUR/NZD is down to 1.7513, losing 249 pips, after closing at 1.7762 in the preceding trading session. GBP/NZD is down to 2.0002, losing 166 pips, after closing at 2.0169 in the preceding trading session. EUR/JPY falls 1.17% to trade around 147.19.
Looking ahead, ongoing depreciation may be prolonged as United Kingdom Construction PMI is projected to outperform its last figure with 51, having previously been at 50.7. The figure will be published tomorrow at 08:30 UTC.
Furthermore, United Kingdom CFTC GBP speculative net positions is scheduled for tomorrow at 20:30 UTC. Japan CFTC JPY speculative net positions will be released tomorrow at 20:30 UTC.
The currency pair has been trending positively for about 2 months. As things stand, Pound-Yen is 1.47% away from a significant high of 171.69, first set 3 days ago.
