The GBP/JPY is strung along the 183.00 handle in Wednesday trading. The United Kingdom’s (UK) inflation reading during the European market session fai
led to bolster the Pound Sterling after the headline printing failed to meet the mark. Guppy traders will now be keeping their heads low ahead of Thursday’s Bank of England showing.figures broadly came in below expectations. August’s monthly inflation printed at 0.3%, compared to the forecast 0.7%, though still an improvement from the previous period’s 0.4% decline.
Inflation within the British economy appears to be falling faster than investors initially anticipated, and the swooning pace of price growth will keep the BoE firmly on their path of ‘one and done’. Markets are expecting the UK’s central bank to deliver one more 25-basis-point rate hike tomorrow at 11:00 GMT. The expected hike will bring the BoE’s benchmark rate to 5.5%.
The BoJ’s interest rate regime is broadly expected to remain at -0.1%, while the UK’s composite PMI reading is forecast to improve slightly, from 48.6 to 48.7. UK Retail Sales will also be landing on Friday, which is expected to rebound from -1.2% to 0.5%.GBP/JPY technical outlook
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