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April 05, 2023
GBP/JPY drops from 164.53 to 163.5, losing 103 pips (0.63%) today.
While price action maintains a negative bias, United Kingdom Services PMI came out at 52.9, while a consensus of analysts was expecting 52.8. United Kingdom Composite PMI released today at 08:30 UTC with a figure of 52.2, while the previous figure was 53.1. Fresh 10-Year JGB Auction data from Japan came out at 0.456.
In the meantime, negative performances are seen in other pairs, EUR/JPY closed at 143.1 (down 0.77%). EUR/USD drops 0.53% to trade around 1.09. EUR/NZD is down 87 pips from the beginning of the session and now trades around 1.7268.
Moreover, as things stand, upcoming United Kingdom Construction PMI data is projected to fall short of market expectations with newly published data of 53.5, following on from the preceding figure of 54.6. New data is set to be published tomorrow at 08:30 UTC.
Furthermore, Japan Household Spending (YoY) (Feb) scheduled to come out tomorrow at 23:30 UTC. United Kingdom House Price Index figure is projected at -0.3%. It previously stood at 1.1%; data will be released tomorrow at 06:00 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 13.78% above this level.
