GBP/JPY bulls eye a break to test the 162s with BoE and UK CPI in focus GBPJPY Technical Analysis Currencies BOE CPI
. A risk-on tone helped lift the cross, GBP/JPY, as the Swiss government-backed takeover by UBS of Credit Suisse helped to soothe some tensions in the market. Additionally, the Federal Reserve and five other central banks have announced coordinated action to improve liquidity in US dollar swap arrangements to maintain the stability of the global financial system.
It could be that no more banks get into trouble, but it’s also possible that “we just go from one weak institution falling over to the next,” said Vicky Redwood, senior economic adviser at Capital Economics. There no other obvious candidates that could be singled out like Credit Suisse, but it’s “hard to predict where the problems will emerge,” she said.Meanwhile, UK inflation data on Wednesday is expected to show some easing and amid the global financial market instability.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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