GBP/JPY snaps two-day losing streak below 164.00 amid firmer yields, BoE vs. BoJ divergence – by anilpanchal7 GBPJPY RiskAppetite YieldCurve BOE BOJ
The cross-currency pair’s latest rebound could also be linked to the market’s anxiety ahead of the Group of 20 meeting as the latest headlines from the New York Times suggest a possible rift between the US and China at the key event. “China is urging the start of peace talks, and some Group of 20 nations could support that idea when they gather in India, but U.S.
It should be noted that the hawkish comments from BoE Governor Andrew Bailey contrast with those from the BoJ’s board member Junko Nakagawa to offer additional strength to the GBP/JPY recovery. BoE Governor Bailey said on Wednesday that some further increase in bank rates may turn out to be appropriate but added that nothing is decided, as reported by Reuters. On the other hand, BoJ’s Nakagawa said that an easy monetary policy is important for the time being, as it supports the economy.
Moving on, updates from the G20 could join central bankers’ comments to entertain the GBP/JPY traders amid a likely sluggish day due to the light calendar.Wednesday’s Doji candlestick joins the GBP/JPY pair’s sustained trading above the 200-DMA, around 163.40 by the press time, to underpin the bullish bias for the quote.
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