GBP/JPY struggles for a firm intraday direction, stuck in a range just above 174.00 mark – by hareshmenghani GBPJPY Recession China BOE Currencies
edges lower on Thursday. Spot prices remain on the defensive heading into the European session and currently hover near the lower end of the narrow intraday trading band, just above the 174.00 mark.
The Japanese Yen continues to draw some support from the prospects for more sizeable interventions by the Bank of Japan to support the domestic currency. Apart from this, the prevalent cautious mood benefits the JPY's relative safe-haven status and acts as a headwind for the GBP/JPY cross. Theremains fragile amid worries about a global economic slowdown, particularly in China.
Adding to this, the Organization for Economic Co-operation and Development forecasts that the global economy is set for a weak recovery over the coming years as persistent core inflation and tighter monetary policy weigh on demand. OECD now expects the global economy to expand by 2.7% this year. Excluding the pandemic-hit year of 2020, this would still be the lowest annual rate of growth since the 2008-2009 financial crisis.
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