GBP/JPY pares intraday gains to weekly high, still well bid around 157.00 mark By HareshMenghani GBPJPY RiskAppetite RetailSales BOE Currencies
Following the overnight decline, the GBP/JPY cross caught fresh bids on the last day of the week and is now looking to build on this week's goodish rebound from the 155.30 region. Hopes for a diplomatic solution to the Ukraine crisis led to a recovery in the global risk sentiment and undermined the safe-haven Japanese yen. On the other hand, upbeat UK macro data acted as a tailwind for theThe UK Office for National Statistics reported this Friday that domesticrecorded a strong 1.
Against the backdrop of this week's stronger UK wage growth data and hotter UK inflation figures, the data lifted expectations for additional rate increases by the. In fact, the markets have been pricing in the possibility of a 50 bps rate hike in the March MPC meeting. This, in turn, inspired the GBP bulls and pushed the GBP/JPY cross to the 157.25-157.30 area.
That said, the lack of progress in talks to resolve the problems with the Northern Ireland protocol of theagreement held back traders from placing aggressive bullish bets around the GBP/JPY cross. Hence, it will be prudent to wait for some follow-through buying before positioning for a further appreciating move towards the 158.00 mark, or YTD high touched earlier this month.
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