| 
June 05, 2023GBP/JPY is grinding lower from 174.31 to 173.82, shedding 48 pips (0.28%) today.
Pound-Yen is currently trading at 173.82 following the release of Composite PMI data from the United Kingdom.
While price action maintains a negative bias, United Kingdom Composite PMI released today at 08:30 UTC with a figure of 54, while the previous figure was 54.9. United Kingdom Services PMI came out at 55.2, while a consensus of analysts was expecting 55.1.
In the meantime, negative performances are also seen in other pairs as GBP/USD closed at 1.2389 (down 0.51%). GBP/NZD is trading around 2.048 (down 67 pips).
Though Pound-Yen has been dropping, other pairs have been performing better: USD/SGD goes up 0.2% to trade around 1.3522.
Moreover, projections for United Kingdom Construction PMI are set for a continuation of decline with 51 while previous data was 51.1; data will be released tomorrow at 08:30 UTC.
Furthermore, Japan Household Spending (MoM) (Apr) scheduled to come out today at 23:30 UTC. Japan Household Spending (YoY) (Apr) is scheduled for today at 23:30 UTC.
Having established significant support at 144.6 approximately 7 months ago, Pound-Yen's share price has bounced 20.54% higher.
