GBP/JPY whipsaws around three-week low under 163.00 on BOJ’s inaction, BOE eyed – by anilpanchal7 GBPJPY BOJ BOE RiskAppetite YieldCurve
. The Japanese central bank also concluded its pandemic relief stimulus as said, “BOJ decided to phase out pandemic funding program, shift to fund provision step that meets a wide range of financing needs.”On the other hand, firmer yields also propel the yen and keep the GBP/JPY mildly bid on a daily basis. That said, the US 10-year Treasury yields bounce back towards the 11-year high marked the previous day, up three basis points near 3.55% whereas the 2-year counterpart rises 0.
The reason for the firmer bond coupons could be linked to the market’s rush for risk-safety amid the central bank’s aggression and geopolitical fears emanating from Russia. On Wednesday, the US Federal Reserve announced 75 basis points of a rate hike, the third one in a line of such kind, as it wants to tame inflation fears even at the cost of a “sustained period of below-trend growth” and a softening in the labor market. FedElsewhere, Russian President Vladimir Putin’s announcement to mobilize partial troops also reignited the Ukraine-linked geopolitical fears and the supply-crunch woes.
Moving on, GBP/JPY traders will pay attention to the BOE moves as the “Old Lady”, as it is popularly known, is expected to announce 50 basis points rate hike amid increasing inflation fears. However, the BOE’s peers from the US, Sweden and Brazil have recently announced a 0.
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