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March 11, 2023Yesterday at a glance: after ending Thursday at 162.32, GBP/JPY went up to 164.24 only to drop back, yet still traded well overall and closed at 162.57 yesterday.
Pound-Yen upside coincides with further encouraging market factors as United Kingdom Manufacturing Production published yesterday at 07:00 UTC came out at -0.4%, falling short of the -0.1% projections and continuing its decline from the previous 0% figure.
On the flip side, United Kingdom GDP beat the 0.1% projections, with 0.3%.
At the same time, United Kingdom Monthly GDP 3M/3M Change (Jan) released yesterday at 07:00 UTC with a figure of zero, while the previous figure was zero.
A look at other currencies also shows bullish price action as GBP/USD is trading around 1.2033 after ending yesterday's session at 1.1923 (up 0.92% today). Notably, GBP/CAD rose 0.89% yesterday and closed at 1.6486.
At the same time, after ending yesterday's session at 0.9325, USD/CHF lost 111 pips and is trading around 0.9213.
Elsewhere, Japan BSI Large Manufacturing Conditions (Q1) is expected tomorrow at 23:50 UTC.
The currency pair has been trending positively for about a month. As things stand, Pound-Yen is 12.25% away from a significant low of 144.6 first set 5 months ago.
