GBP/JPY reached levels not seen since July 2008, trading around the mid-215.00s. Geopolitical risks surrounding the Strait of Hormuz are heavily impacting the Japanese Yen. Japan is moving closer to actual intervention to support the yen, with Finance Minister Katayama expressing a high sense of urgency in monitoring the FX market. Additionally, Japan may release another 20 days' worth of oil reserves to alleviate pressure on the currency.
The GBP/USD pair declined significantly following the release of stronger-than-expected US jobs data, which bolstered the US Dollar and stalled momentum toward recent highs. Analysts at DBS noted that Sterling's gains are currently capped as the Bank of England (BoE) emphasizes a lack of urgency in its monetary policy…
Read the full storyThe EUR/JPY cross reached fresh record highs near the 188.00 level, driven by the ongoing monetary policy divergence between the ECB and the Bank of Japan. Adding to the Yen's broad weakness, the AUD/JPY pair gained traction above 114.00 as markets increased bets for a potential rate hike by the Reserve Bank of…
The GBP/JPY pair maintained its stability above the key 215.00 psychological level, despite surrendering modest intraday gains. This consolidation follows a surge to levels not seen since July 2008, a move primarily fueled by geopolitical risks in the Strait of Hormuz impacting the Yen. Currently, the pair is facing…