GBP/JPY Sees Red as Pound Sterling Retreats
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GBP/JPY Sees Red as Pound Sterling Retreats
The GBP/JPY pair recently recorded another red bar, retracting to the week's low levels established near 181.20 on Monday. The pair commenced the trading week on an upward trajectory, reaching four-week highs at 183.82. However, as market sentiment took a turn towards risk aversion, the Pound Sterling (GBP) experienced a significant decline against the Japanese Yen (JPY), resulting in a drop of over 1% for the GBP/JPY pair by the end of the week, equating to roughly 60 pips.
Economic Indicators and Outlook:
Thursday witnessed a series of discouraging economic indicators for the UK. Manufacturing Production for August registered a decline of 0.8%, falling short of the forecasted -0.4%. This marked a modest recovery from the previous month's figure of -1.2%, which was sharply revised down from -0.8%.
The upcoming week on the GBP/JPY calendar is set to start off quietly. Tuesday will feature a speech from Huw Pill of the Bank of England (BoE), followed by labor and wage data. The UK's Employment Change for August is expected to moderate from -207K to -195K, while Average Earnings are anticipated to remain stable at 7.8% for the quarter ending in August.
A significant event for the Pound Sterling side will occur on Wednesday when the UK releases its Consumer Price Index (CPI) inflation figures. Investors will be closely watching for a slight increase in CPI inflation for September, rising from 0.4% to 0.3%. Inflationary pressures continue to have an impact on the United Kingdom's economic landscape.
From a technical standpoint, we are currently on the lookout for a bearish configuration. The price rebounded on the dynamic trendline, acting as resistance, and nearly reached the 184.000 level, adding an interesting layer to the evolving GBP/JPY market dynamics.
The GBP/JPY pair recently recorded another red bar, retracting to the week's low levels established near 181.20 on Monday. The pair commenced the trading week on an upward trajectory, reaching four-week highs at 183.82. However, as market sentiment took a turn towards risk aversion, the Pound Sterling (GBP) experienced a significant decline against the Japanese Yen (JPY), resulting in a drop of over 1% for the GBP/JPY pair by the end of the week, equating to roughly 60 pips.
Economic Indicators and Outlook:
Thursday witnessed a series of discouraging economic indicators for the UK. Manufacturing Production for August registered a decline of 0.8%, falling short of the forecasted -0.4%. This marked a modest recovery from the previous month's figure of -1.2%, which was sharply revised down from -0.8%.
The upcoming week on the GBP/JPY calendar is set to start off quietly. Tuesday will feature a speech from Huw Pill of the Bank of England (BoE), followed by labor and wage data. The UK's Employment Change for August is expected to moderate from -207K to -195K, while Average Earnings are anticipated to remain stable at 7.8% for the quarter ending in August.
A significant event for the Pound Sterling side will occur on Wednesday when the UK releases its Consumer Price Index (CPI) inflation figures. Investors will be closely watching for a slight increase in CPI inflation for September, rising from 0.4% to 0.3%. Inflationary pressures continue to have an impact on the United Kingdom's economic landscape.
From a technical standpoint, we are currently on the lookout for a bearish configuration. The price rebounded on the dynamic trendline, acting as resistance, and nearly reached the 184.000 level, adding an interesting layer to the evolving GBP/JPY market dynamics.
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