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March 09, 2023GBP/JPY slides down from 162.51 to 161.84 today, losing 66 pips (0.41%).
Japan GDP released earlier showed a marked improvement to zero from the preceding data of -0.3, but fell short of the 0.2 figure forecast by a consensus of market analysts.
While price action maintains a negative bias, United Kingdom RICS House Price Balance (Feb) released today at 00:01 UTC with a figure of -48, while the previous figure was -46. Japan GDP released earlier showed a marked improvement to 0.1% from the preceding data of -1%, but fell short of the 0.8% figure forecast by a consensus of market analysts.
In the meantime, negative performances are also seen in other pairs as USD/JPY closed at 136.55 (down 0.53%). EUR/JPY closed at 144.06 (down 0.45%). After ending yesterday's session at 1.5995, EUR/AUD lost 39 pips and is trading around 1.5955.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United Kingdom GDP is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released tomorrow at 07:00 UTC.
Furthermore, United Kingdom Monthly GDP 3M/3M Change (Jan) is scheduled for tomorrow at 07:00 UTC. Japan BoJ Monetary Policy Statement will be released tomorrow at 03:00 UTC.
The currency pair has been trending positively for about a month. As things stand, Pound-Yen is 12.38% away from a significant low of 144.6 first set 4 months ago.
