HomeAnálisis De MercadoForexWill Tuesday’s UK labour data send the GBP/JPY lower?

Will Tuesday’s UK labour data send the GBP/JPY lower? [Video]



On Tuesday at 7 am UK time, UK labour data is due to be released at a crucial time to see how the UK labour market is doing. After the Bank of England started to send out more mixed signals about the upcoming path of interest rates in the UK, governor Bailey said last week that we are no longer in a phase ‘where it is clear that rates need to rise and we’re now data-driven as policy restrictive’.

Furthermore, we’ve seen market pricing unwind the terminal rate of 6% for the Bank of England and it’s currently down to around 5.6%. On top of this, the latest CFTC report is showing pound longs being reduced, so with the UK labour data out on Tuesday watch for a big miss. If we see a big miss in the data then market participants will further anticipate a slowdown in UK interest rates. This could potentially send the pound lower. Furthermore, notice this strong seasonal pattern in the GBPJPY over the last 15 years. The GBPJPY has fallen on average over 2 1/2% between the 12th of September and the 9th of October. Will, UK labour data send the pound lower on Tuesday?

Major trade risks: The major trade risks here are if the UK labour market remains strong and/or if US yields continue to rise which would weaken the JPY. The GBPJPY outlook also needs JPY strength and that is highly uncertain at the moment due to the path of US rates.

Learn more about HYCM


Reciba noticias de Vimilin desde Google news


Please enter your comment!
Please enter your name here


BTC price shows ‘textbook’ Wyckoff moves as Bitcoin bulls defend $25K

Bitcoin (BTC) consolidated higher on Sept. 15 as analysis described recent BTC price behavior as “textbook.”Collect this article as an NFT to preserve this moment...

Magic Eden integrates Solana’s compressed NFTs into marketplace

Nonfungible token (NFT) marketplace Magic Eden has announced that it will support Solana’s compressed NFTs (cNFTs) to provide a cost-efficient and scalable alternative to owning...

House Democrats back Biden candidacy as calls for president to drop out intensify on the left

FIRST ON FOX: House Democrats appear to be behind another Biden-Harris ticket, even as President Biden is being discouraged against running by some on the...

3 Standout Stocks to Buy as Worse-Than-Expected CPI Numbers Revive Inflation Fears

The August CPI report showed headline annual inflation rising 3.7% compared to the 3.2% reading seen in July and a 3.0% increase in June. As inflation...

Más popular