GBP/JPY rose further on Tuesday, clipping into the 197.00 handle as the broader FX market continues to sell the Japanese Yen (JPY) across the board.
GBP/JPY marches higher as markets eat away at “Yentervention” territory. UK labor figures worsened, but not as badly as expected. Japanese GDP growth due on Thursday. GBP/JPY rose further on Tuesday, clipping into the 197.00 handle as the broader FX market continues to sell the Japanese Yen across the board. UK labor figures wobbled on Tuesday, but investors skirted the worst of it after unemployment benefits claims rose less than expected and wages grew at a healthy pace.
Net employment change in the UK for the quarter ended in March fell, shedding -177K jobs compared to the previous period’s -157K, knocking the GBP briefly back. Markets have broadly recovered on Tuesday, and Yen pairs will be looking ahead to early Thursday’s Japanese Gross Domestic Product growth for the first quarter. Japanese Q1 GDP is expected to contract -0.4% versus the previous quarter’s slim growth of 0.1%.
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