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GBP/JPY at Multiyear High on Vaccine Outperformance

FOREX

Having made decent headway late Friday, equities remain firm globally, with core European markets higher by as much as 1.6%. This has lead markets to sell the JPY against all others in G10, most notably against GBP, which has boosted the GBP/JPY cross to near the best levels since early 2019.

GBP continues to trade well, with news over the weekend that the UK's COVID vaccination schedule is ahead of expectations helping boost the currency. Data released this weekend showed the UK have now vaccinated the top four priority groups, with over 15mln in the UK now having received their first dose. The USD index trades lower, but continues to sit either side of the 50-dma at 90.433 which continues to pull focus.

US Presidents' Day should keep markets muted going forward, with no major releases due Monday outside of Canadian housing starts and manufacturing sales.

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