GBP/JPY struggles to track firmer yields below 162.00 – by anilpanchal7 GBPJPY YieldCurve RiskAppetite Brexit BOE
It’s worth noting that the GBP/JPY inaction could be linked to the pessimism surrounding the UK data.
That said, the UK’s preliminary readings of August month PMIs flashed mixed readings as the Manufacturing gauge slumped to 46.00 versus 51.1 forecasts and 52.1 prior while the Services PMI improved to 52.5 versus 52.0 expected and July’s final score of 52.6. Also, the latest survey results from the Confederation of British Industry of trends in British manufacturing showed that the Manufacturing Order Book Balance dropped to -7 in August, the first negative reading since April 2021, from +8 in July and +3 of market expectations.
It should be noted that the comments from ex-Chancellor Rishi Sunak, suggesting less push for the Bank of England seemed to have eased the pressure off the GBP/JPY. “Rishi Sunak has suggested that Liz Truss would "spook" international investors if she threatened the independence of theAmid these plays, US 10-year Treasury yields rose to the highest in a month, inactive at around 3.05% by the press time, whereas Wall Street benchmarks closed with mild gains.
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