GBP/JPY clings to upbeat UK jobs data-led gains near one-week high, around mid-161.00s By HareshMenghani GBPJPY Employment BOE Brexit Currencies
The cross built on last week's goodish rebound from the vicinity of the very important 200-day SMA and scaled higher for the third successive day on Tuesday. The British pound strengthened across the board after the latest UK jobs report showed that the ILOAdditional details revealed that the number of people claiming unemployment-related benefits dropped by 56.9K in April.
On the other hand, the risk-on impulse - as depicted by a strong rally in the global equity markets - undermined demand for the safe-haven Japanese yen. Apart from this, a more dovish stance adopted by the Bank of Japan further weighed on the domestic currency, which provide an additional boost and contributed to the GBP/JPY pair's strong move up.
It, however, remains to be seen if bulls are able to retain their dominant position amid the UK-EU dispute over the Northern Ireland protocol. Nevertheless, the GBP/JPY cross has now recovered nearly 50% of its recent sharp corrective pullback from a five-year high. As investors digest the upbeat UK macro data, the focus shifts back to Brexit developments.
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