GBP/JPY traces downbeat yields near 161.00 ahead of BoE on “Super Thursday” – by anilpanchal7 GBPJPY YieldCurve BOE Crosses RiskAversion
policy announcements. In doing so, the cross-currency pair not only traces bond coupons but also portrays the broad weakness in the British Pound ahead of the key event.
Fed Chair Powell said that officials do not see rate cuts for this year, which in turn allowed breathing space to the greenback bears in the last. On the other hand, US Treasury Secretary Janet Yellen ruled out considering “blanket insurance” for bank deposits. Recently, Bloomberg also came out with the news suggesting that the Federal Deposit Insurance Corporation is said to delay the bid deadline for a silicon valley private bank.
It’s worth noting that the GBP/JPY pair’s latest losses ignore downbeat results from the monthly Reuters Tankan survey as it said, “Big Japanese manufacturers remained pessimistic about business conditions for a third straight month in March.” That said, UK’s headline inflation data, namely the Consumer Price Index rose to 10.4% YoY in February versus 9.8% expected and 10.1% previous readings while the Core CPI rose to 6.2% compared to 5.8% market forecasts and previous readings. Given the improvement in the British inflation figures, the Bank of England may be able to perform well in its likely last hawkish dance.
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