GBP/JPY CONTINUES MARCH TOWARDS 205.00 AS YEN DECLINES EXTEND
- GBP/JPY is on pace to clip into 205.00 as the pair machines through multi-year highs.
- A lack of notable data on Tuesday left the Guppy free to drift higher.
- UK Parliamentary Elections loom ahead on Thursday.
GBP/JPY drifted into yet another 16-year high on Tuesday, peaking near 204.85 as the pair continues to grind towards 205.00. The Japanese Yen is crumbling in broader FX markets as currency traders shrug off outright pleas and threats of direct intervention from the Bank of Japan (BoJ) and Japan’s Ministry of Finance (MoF).
Tuesday was notably light on data releases for both the GBP and the JPY, giving the Guppy room to breathe and test into fresh highs as bids continue to push into ground unseen since August of 2008. The economic calendar remains thin for both currencies through the remainder of the trading week, but UK Parliamentary Elections slated for Thursday could introduce some volatility into the election run-up and after results are tallied. The UK’s Labour Party is broadly expected to sweep to a majority win according to advance polling, and Labour’s Keir Starmer is expected to replace the Conservative Party’s Tory leader Rishi Sunak as the UK’s Prime Minister.
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