EUR/USD 1.10251
1.595%
Gold 3127.17
-0.159%
Oil 68.543
-2.664%
USD/JPY 146.530
-1.843%
GBP/USD 1.31659
1.226%
GBP/JPY 192.926
-0.586%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Fitch: Confirms South Koreas rating at "A+"; outlook is stable.On April 3, the State Financial Supervision and Administration Bureau issued a notice on strengthening the management of commercial banks Internet loan assistance business and improving the quality and efficiency of financial services, which will take effect on October 1, 2025. Commercial banks should include the credit enhancement balance of credit enhancement service institutions in unified credit management and evaluate their compensation and payment capabilities at least once a quarter. For credit enhancement services provided by financing guarantee companies and for credit enhancement services provided by financing guarantee companies across provinces, autonomous regions, and municipalities directly under the Central Government, commercial banks should confirm that their registered capital, magnification, financial status, operating rules, etc. comply with the relevant provisions of the "Regulations on the Supervision and Administration of Financing Guarantee Companies" and other relevant regulations to prevent excessive credit enhancement risks.Mercedes production manager: Mercedes is still evaluating the impact of tariffs and is considering moving production of one model to the United States.Traders increased bets on the Bank of England to cut interest rates, with three more cuts expected this year.U.S. airline stocks fell in premarket trading, with United Airlines (UAL.O) down 4.13%, American Airlines Group (AAL.O) down 3.3% and Delta Air Lines (DAL.N) down 3.16%.

GBP/JPY Meets Resistance Near 158.00 As UK GDP Forecasts Weaken

Daniel Rogers

Feb 08, 2023 14:47

GBP:JPY.png

 

The GBP/JPY pair has detected selling attention despite striving to extend recovery above the critical resistance of 158.00 in the Asian session. The less-confident pullback move by the Pound Sterling has been fined and the negative path for the cross has continued.

 

On Tuesday, the cross was heavily dumped by the market participant. Additionally, Bank of Japan (BoJ) officials admitted a covert operation to support the Japanese Yen.

 

Meanwhile, the impact of appointing BoJ Deputy Governor Masayoshi Amamiya as BoJ Haruhiko Kuroda's replacement has begun to be felt on the street. OCBC analysts examined the impact of each contender for BoJ's new leadership on the Japanese yen.

 

According to a letter from OCBC, "this week's focus will be on the list of BoJ nominees that is anticipated to be handed to parliament on 10 February, however reports indicate a postponement until next week." Amamiya’s appointment would be most advantageous to the Japanese Yen upward but Yamaguchi’s appointment might drag down Yen’s strength.

 

On the front of the United Kingdom, the Bank of England (BoE) has failed to meaningfully lower inflationary pressures despite being an early adopter of tight monetary policy throughout the pandemic and pushing interest rates to 4%. As a result of their inability to meet key expenses, households are suffering from the effects of a growing cost of living.

 

As reported by Reuters, according to a report from Britain's National Institute for Economic and Social Research (NIESR), "one in four British households would be unable to pay for food and energy without using up savings, borrowing, or seeking other assistance in the 2023/24 financial year, up from one in five in the current year."

 

The agency has cut its predictions for the Gross Domestic Product (GDP) from 0.7% to 0.2% and from 1.7% to 1.0% for 2024. Governor of the Bank of England Andrew Bailey's decision to boost interest rates in order to attain price stability has lowered the scale of economic activities.


Suggestion