The Pound Sterling to Japanese Yen (GBP/JPY) exchange rate has fallen by a large amount today, while elsewhere the Pound (GBP) has been decidedly mixed due to an ongoing UK Referendum event. This follows a previous day of similar declines.
GBP/JPY Exchange Rate News: Carney’s ‘Brexit’ Grilling Results in (Mostly) Balanced Account
The biggest news for the UK today has been the questioning of Bank of England (BoE) Governor Mark Carney and Deputy Governor Jon Cunliffe by MPs on the subject of what the BoE stance is on a ‘Brexit’.
For the most part, the two policymakers have remained neutral, but given the insatiable appetite of spectators for a tone representing ‘Remain’ or ‘Leave’, the overall message has been to observe caution, given that as Cunliffe pointed out, the UK Referendum vote will be ‘uncharted water’.
The Pound (GBP) has fallen by -0.3% against the Euro (GBP/EUR) and by -0.5% against the Israeli New Shekel (GBP/ILS), with a greater loss of -0.8% being seen against the Japanese Yen (GBP/JPY). On the plus side, the Pound has risen by 0.4% against the Russian Ruble (GBP/RUB) and by 0.7% against the South African Rand (GBP/ZAR).
Japanese Yen (JPY) Climbs Today as GDP Drop is Lower-than-Expected
The Japanese Yen (JPY) has made positive movement against its major peers today, with gains of 0.5% being recorded against both the Euro (JPY/EUR) and the US Dollar (JPY/USD). Against the Pound (JPY/GBP), the Yen has made no movement.
The primary reason for the Yen moving on an upwards trajectory today has been that annualised Q4 GDP only fell to -1.1% for the final printing, rather than the -1.6% previously predicted.
Naturally, contracting GDP is still an alarming sign for Japan’s economy, but it is thought that this could be the first slippery stepping stone towards recovery in Japan.
GBP/JPY Exchange Rate Forecast: Japanese Tool Orders and UK Production Stats Out Tomorrow
The next data due the impact the GBP/JPY pairing will come tomorrow morning, when Japan’s machine tool orders result for February is announced. Unfortunately for the Yen’s (JPY) prospects, the previous result was a -17.2% drop.
Following on from this will be the UK’s contribution, in the form of the industrial and manufacturing production stats for February. Current forecasts are optimistic in all fields, both monthly and yearly.
Current GBP, JPY Exchange Rates
The Pound Sterling to Japanese Yen (GBP/JPY) exchange rate was trending in the region of 160.5700 and the Japanese Yen to Pound Sterling (GBPJPY) exchange rate was trending in the region of 0.0062 today.
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