The GBP/JPY pair struggles to extend recovery above the psychological resistance of 200.00 in Tuesday’s New York session.
GBP/JPY recovery appears to have slowed near 200.00 as UK Inflation comes under the spotlight. The UK annual headline inflation is expected to return to BoE’s 2% target. The BoJ postponed plans to reduce bond-buying operations. The cross is expected to trade sideways as investors shift focus to the United Kingdom Consumer Price Index data for May, which will be published on Wednesday.
Average earnings excluding bonuses, which is a measure of wage inflation, have grown steadily by 6.0% for a straight three-period period. The pace at which wages are growing is significantly higher than what is needed to build confidence among BoE officials to consider rate cuts. On the Tokyo front, the Japanese Yen is weak across the FX domain as the Bank of Japan pushes plans of tapering bond-buying operations to the July meeting.
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