GBPJPY Crosses Face Selling Pressure Below 189.00 Amid Macro Forces
Sunday, 18 August 2024, 23:54
GBPJPY Crosses Experience Selling Pressure
GBPJPY crosses are witnessing significant selling pressure, particularly below the 189.00 level. This comes as macroeconomic factors, coupled with a hawkish sentiment surrounding the Bank of Japan (BoJ), influence trading strategies.
Macroeconomic Indicators Impacting the Cross
- The preliminary UK August S&P Global/CIPS Manufacturing PMI is pivotal.
- Japanese July National CPI also plays a crucial role.
This economic data shapes the landscape for GBPJPY trading, prompting shifts in investor sentiment in real time. As traders keep a close watch on these reports, the dynamics surrounding GBPJPY continue to evolve.
Market Sentiment Shifts
- Hawkish sentiments suggest potential rate hikes from the BoJ.
- Market reactions can lead to volatility in the GBPJPY pairs.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.