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GBP/JPY declines from 167.00 as UK inflation soars and risk aversion wanes

Alina Haynes

Oct 17, 2022 14:51

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The GBP/JPY pair encountered resistance near 167.00 during the Tokyo session and has since dropped slightly to roughly 166.70. The S&P500 has retraced some of its gains after a stronger rally, which has weighed on the pound bulls due to a decline in the risk-taking urge.

 

In spite of rumors that the Bank of Japan (BOJ) will intervene in the currency markets to shield the yen from volatility during the past week, the cross has stayed in the hands of bulls. According to Reuters, Japan's authorities have started looking for Haruhiko Kuroda's replacement for the upcoming year. In regards to the principles governing monetary policy, BOJ Kuroda stated, "Continued monetary easing is appropriate." The yen bulls have been further weakened by this.

 

The pound bulls may experience extremely high volatility due to a political drama in the United Kingdom. Political unrest has resulted from Chancellor Kwasi Kwarteng's unexpected resignation after he pledged to drop the proposal to raise company taxes to 25%. The decision made by Kwarteng, the UK's former finance minister, accelerated the collapse of the equity market and returns on government bonds.

 

In the meantime, the probability of further BOE-BOJ policy divergence expansion has grown as a result of remarks on monetary policy made by Bank of England (BOE) Governor Andrew Bailey. "We will not hesitate to boost interest rates to satisfy our inflation target," BOE Bailey continued, according to Reuters. Price pressures, according to the central bank, call for stricter policy tightening measures than were suggested in August.

 

This week, the UK Consumer Price Index (CPI) data will be of utmost significance. Each of the inflation rates—headline and core—could rise by 10 basis points, to 10% and 6.4%, respectively. An increase in inflation reaching double digits could pose new challenges for the British economy.


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