GBP/JPY recovers modest intraday losses, flat-lines just below mid-173.00s – by hareshmenghani GBPJPY China RiskAppetite BOE Currencies
or the second successive day. Spot prices recover a major part of the intraday losses and currently trade just below mid-173.00s, nearly unchanged for the day.
A combination of factors provides a modest lift to the Japanese Yen , which, in turn, prompts some intraday selling around the GBP/JPY cross. The prospect of Japanese authorities intervening in the markets continues to underpin the JPY, which draws additional support from a generally weaker tone around the equity markets.
The downside for the GBP/JPY cross, however, remains cushioned on the back of firming expectations that the Bank of England will be far more aggressive in policy tightening to contain stubbornly high inflation. In fact, investors expect the UK central bank to raise interestagain from 4.5% to 4.75% on June 22 and see a roughly 60% chance that rate will peak at 5.5% later this year.
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