GBP/JPY sustains above 180.00 as interest rate peak by BoE seems around 6.5% – by Sagar_Dua24 GBPJPY BOJ BOE Inflation Manufacturing
is preparing for a consecutive fat rate hike in August. in the United Kingdom seems sticky at 8.7% while core inflation that excludes volatile oil and food prices has printed a fresh high of 7.1%. Tight labor market conditions have started releasing heat due to higher interest rates but the journey towards achieving 2% inflation is far from over.
BoE Governor Andrew Bailey has already pushed interest rates to 5% and more interest rate hikes are in the pipeline. Money markets are anticipating that the interest rate peak by the BoE will be around 6.5%.. Manufacturing Production reported a light pace in contraction at 0.2% vs. the consensus of -0.5%. Meanwhile, the economic indicator remained between the consensus of -1.7% and the prior release of -0.6% at -1.2%. Monthly Gross Domestic Product has posted a contraction by 0.
UK Finance Minister Jeremy Hunt said that “while an extra Bank Holiday had an impact on growth in May, high inflation remains a drag anchor on economic growth.” On the Japanese Yen front, Japan's top currency diplomat Masato Kanda cited that deflationary norms may be changing. This must be the outcome of the rising contribution of demand-driven aspects in inflationary pressures. Kanda added the government is closely watching FX market moves.
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