By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Despite the UK labor figures being off-kilter, GBP/JPY continues to slowly grind higher and tests 197.00.
Share
Notification Show More
Latest News
Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports
UAE with 47% and Qatar with 36% Surge in Viewing Minutes as TOD Unveils its Enhanced Streaming Experience TOD 2.0
Lifestyle
L’Oréal Paris Celebrates the Groundbreaking Launch of MELASYL at the Iconic Museum of the Future
Lifestyle
TOD Partners with Skyworth’s QVWi to Launch 4K Streaming Set-Top Box in MENA
Gulf Sports
Double victory at Red Dot: Eczacıbaşı Tiles Group’s VitrA and Villeroy & Boch brands recognised for their design excellence
Lifestyle
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Forex > Despite the UK labor figures being off-kilter, GBP/JPY continues to slowly grind higher and tests 197.00.
Forex

Despite the UK labor figures being off-kilter, GBP/JPY continues to slowly grind higher and tests 197.00.

News Room
Last updated: 2024/05/14 at 8:36 PM
News Room
Share
2 Min Read
SHARE

GBP/JPY saw a rise on Tuesday, reaching the 197.00 handle as the FX market continued to sell off the Japanese Yen. Despite UK labor figures worsening, with unemployment benefits claims rising less than expected and wages increasing, investors were not as impacted as initially feared. The Bank of Japan is believed to have intervened in the global markets recently, overspending on financial operations, but the Yen’s rebound has been short-lived as GBP/JPY climbed back towards the 197.00 handle.

The UK’s ILO Unemployment Rate increased to 4.3% over the three months ending in March, in line with market expectations. Average UK Earnings Including Bonuses rose to 5.7% compared to the previous year. However, net employment change fell by -177K jobs, temporarily impacting the GBP. Looking ahead, the focus is on Thursday’s Japanese Gross Domestic Product (GDP) growth for the first quarter, expected to contract by -0.4%.

In terms of technical analysis, GBP/JPY continues to trade above the 200-hour Exponential Moving Average, with the Sterling gaining against the Yen. While the pair has recovered towards the 197.00 handle, it remains down 1.8% from the peak reached in late April. With markets showing signs of recovery on Tuesday, Yen pairs are keeping an eye on the upcoming Japanese GDP data to gauge the impact on the currency pair.

Overall, GBP/JPY’s movement towards the 197.00 handle reflects the ongoing sell-off of the Japanese Yen in the FX market. Despite some concerns about UK labor figures, the impact was mitigated by better-than-expected data on unemployment benefits claims and wage growth. With the Bank of Japan’s intervention and the upcoming Japanese GDP data, the market sentiment around Yen pairs, including GBP/JPY, remains cautious but hopeful for further gains in the near future.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room May 14, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Qatar Museums introduces ‘Al Shaqab, The Legacy of Arabian Horses’ at DIBF
Next Article Largest US Pension Fund Invests $162 Million in Bitcoin ETFs
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports May 8, 2025
UAE with 47% and Qatar with 36% Surge in Viewing Minutes as TOD Unveils its Enhanced Streaming Experience TOD 2.0
Lifestyle May 5, 2025
L’Oréal Paris Celebrates the Groundbreaking Launch of MELASYL at the Iconic Museum of the Future
Lifestyle May 5, 2025
TOD Partners with Skyworth’s QVWi to Launch 4K Streaming Set-Top Box in MENA
Gulf Sports May 1, 2025

You Might also Like

Forex

Pound Sterling Price Update and Prediction: GBP strengthens as risk sentiment improves

January 6, 2025
Forex

Elliott Wave Technical Analysis of NVIDIA Corp. (NVDA) [Video]

January 6, 2025
Forex

EUR/USD: Is it a Dead Cat Bounce? – OCBC

January 6, 2025
Forex

AUD/JPY maintains gains around 98.50 following PMI data release

January 6, 2025
Forex

NZD/USD edges up to nearly 0.5650 after China’s Caixin Services PMI

January 6, 2025
Forex

Japanese Yen bulls stay on the sidelines as USD/JPY remains steady above the mid-157.00s

January 6, 2025
Forex

Silver Price Prediction: XAG/USD bears in control below $30.00 near 200-day SMA

January 6, 2025
Forex

Gold price drops from multi-week high due to hawkish Fed expectations

January 6, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?