GBP/JPY rises despite weak UK economic data GBPJPY Crosses Currencies
The Office for National Statistics revealed that the UK's Gross Domestic Product declined slower than expected in May at 0.1% MoM vs the expectations of 0.3%. The Manufacturing production saw similar results as they also contracted by 0.2% MoM in the same period but lower than the expectations of 0.5%. Finally, Industrial Production declined, but at a higher pace than expected at 0.6% vs 0.4% MoM in the same period.tightens its monetary policy, and the economy weakens.
On the Japanese side, the JPY may limit its losses on the back of a Yield Control Curve policy pivot by the Bank of Japan . Masato Kanda, a currency diplomat from Japan, acknowledged that the prevailing deflationary trends"might be changing". Its worth noticing that rising wages may contribute to an increase in inflationary pressures, but the Bank shouldn’t disregard China’s economic situation, which is showing signs of weakness, as it could further weaken the local economy.
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