The GBP/JPY cross trades in negative territory for two straight days, hovering around the 191.00 mark on Thursday.
GBP/JPY edges lower to 191.00 following the UK GDP Q4 data on Thursday. The UK GDP numbers contracted 0.3% QoQ and 0.2% YoY in Q4, as expected. The speculation that the Bank of Japan will intervene in the FX market might lift the Japanese Yen against the Euro. Investors will closely watch the Tokyo Consumer Price Index for March, due on Friday. The dovish remarks from the Bank of England exert some selling pressure on the Pound Sterling .
On the other hand, the weakening of the Japanese Yen might be limited amid speculation that the Bank of Japan will intervene in the FX market to stop disorderly and speculative moves in the currency. Japan’s Chief Cabinet Secretary Yishimasa Hayashi stated on Thursday that he will closely watch the FX volatility and won’t rule out any steps against excessive moves.
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