GBP/JPY sinks as Wall Street sells off following Target's worst day since Black Monday 1987 By ross_burland GBPJPY BOE Equities Fed Currencies
Powell pledged the US central bank would ratchet up interest rates as high as needed, including taking rates above neutral, in order to cap runaway inflation that he said threatened the foundation of the economy. The initial reaction was a firmerand risk-off in financial markets, but the moves were soon pared and the US benchmarks rallied to fresh highs on the day.
Interest-rate sensitive mega-cap growth stocks added to the declines on Wall Street and pulled the S&P 500 and Nasdaq lower. Tesla Inc lost 7.5%, Nvidia and Amazon both lost more than 6% and Apple and Microsoft each fell over 4%. Consequently, US Treasury yields have fallen as investors pile into safety, leading to a rout in risk assets. This in turn has put a bid into the yen, sinking GBP/JPY to a low of 158.11 in recent trade.is also feeling the heat, losing over 1% vs.
''We continue to view the medium-term outlook for risk appetite as vulnerable and don’t view GBP/USD as being out of the woods,'' the analysts at Rabobank argued.
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