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FOREX: GBP/JPY Inches Higher, But Overall Activity Subdued

FOREX
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JPY retains its position as the poorest performer in G10 through the European open, with a very modest phase on JPY sales tipping GBP/JPY toward yesterday's highs and first resistance of 188.13 - with EUR/JPY also mimicking the move. The cross is shrugging off the somewhat softer jobs and wages data from the UK this morning - with the details of the numbers providing little extra detail to change the trajectory of BoE policy (see prior blasts for details).

  • Overall volumes are below average for this time of day - evident in JPY futures activity sitting 25% below what you'd expect to see for ~0830BST. That will likely remain the case across the morning with a relatively light data schedule and primary focus on tomorrow's US inflation print - which provides the last look at inflation ahead of the FOMC meeting next week.
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JPY retains its position as the poorest performer in G10 through the European open, with a very modest phase on JPY sales tipping GBP/JPY toward yesterday's highs and first resistance of 188.13 - with EUR/JPY also mimicking the move. The cross is shrugging off the somewhat softer jobs and wages data from the UK this morning - with the details of the numbers providing little extra detail to change the trajectory of BoE policy (see prior blasts for details).

  • Overall volumes are below average for this time of day - evident in JPY futures activity sitting 25% below what you'd expect to see for ~0830BST. That will likely remain the case across the morning with a relatively light data schedule and primary focus on tomorrow's US inflation print - which provides the last look at inflation ahead of the FOMC meeting next week.