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Pound Sterling to Japanese Yen (GBP/JPY) Exchange Rate Forecast to Rally as Risk Sentiment Improves
Published: 10 Jul at 12 PM Tags: Pound Sterling, Euro Exchange Rate, Currency Exchange, Euro Crisis, Yen Exchange Rate, Exchange Rates,
The Pound Sterling to Japanese Yen (GBP/JPY) exchange rate advanced by around 1.45% on Friday morning.
After a weak of generally bearish trade, the Pound strengthened on Friday as traders fear that the recent depreciation was unjustified. The Pound’s initial downtrend was sparked after Chancellor George Osborne cut British growth forecasts for 2015. However, the rest of the budget was generally hawkish with welfare reform set to be implemented ahead of schedule. In addition, British ecostats have erred towards positivity.
Friday’s British economic data printed reasonably positively which aided the pound’s appreciation. May’s Balance of Trade was forecast to see the deficit narrow from -1.834 billion to -1.4 billion, but the actual result narrowed further to -0.393 billion. The better-than-expected trade balance suggests that British exports grew, allaying fears that the geopolitical situation in Europe is having a detrimental impact on British exports. ‘In detail, exports of goods were £24.6 billion in May 2015, unchanged from April 2015, however there were offsetting movements in different commodities. Exports of fuels (specifically oil) increased by £0.5 billion and unspecified goods increased by £0.4 billion, whereas exports of chemicals decreased by £0.3 billion, miscellaneous manufactures (which includes jewellery and works of art) decreased by £0.4 billion and material manufactures decreased by £0.2 billion,’ stated the Office for National Statistics.
The Pound Sterling to Japanese Yen (GBP/JPY) exchange rate is currently trending in the region of 189.7700.
The Japanese Yen, meanwhile, dived versus its currency rivals as traders risk-appetite improves significantly. After Greece submitted a fresh reform proposal slightly ahead of schedule, optimism that the Hellenic nation will unlock financial aid and stay as part of the 19-nation currency block saw demand for safe-haven assets dampen considerably. Adding to risk-appetite was easing concerns regarding China’s stock market after intervention looks to have staved off a complete crash.
Japanese economic data bettered expectations on Friday although the result had minimal impact on the Yen with risk appetite dominating trade. June’s Consumer Confidence was expected to rise from 41.4 to 41.57, but the actual result advanced to 41.7. This is the first rise in confidence for three months as a result of higher share prices and improving employment conditions.
The Pound Sterling to Japanese Yen (GBP/JPY) exchange rate was trending within the range of 186.7300 to 189.9700 today.
After a weak of generally bearish trade, the Pound strengthened on Friday as traders fear that the recent depreciation was unjustified. The Pound’s initial downtrend was sparked after Chancellor George Osborne cut British growth forecasts for 2015. However, the rest of the budget was generally hawkish with welfare reform set to be implemented ahead of schedule. In addition, British ecostats have erred towards positivity.
Friday’s British economic data printed reasonably positively which aided the pound’s appreciation. May’s Balance of Trade was forecast to see the deficit narrow from -1.834 billion to -1.4 billion, but the actual result narrowed further to -0.393 billion. The better-than-expected trade balance suggests that British exports grew, allaying fears that the geopolitical situation in Europe is having a detrimental impact on British exports. ‘In detail, exports of goods were £24.6 billion in May 2015, unchanged from April 2015, however there were offsetting movements in different commodities. Exports of fuels (specifically oil) increased by £0.5 billion and unspecified goods increased by £0.4 billion, whereas exports of chemicals decreased by £0.3 billion, miscellaneous manufactures (which includes jewellery and works of art) decreased by £0.4 billion and material manufactures decreased by £0.2 billion,’ stated the Office for National Statistics.
The Pound Sterling to Japanese Yen (GBP/JPY) exchange rate is currently trending in the region of 189.7700.
The Japanese Yen, meanwhile, dived versus its currency rivals as traders risk-appetite improves significantly. After Greece submitted a fresh reform proposal slightly ahead of schedule, optimism that the Hellenic nation will unlock financial aid and stay as part of the 19-nation currency block saw demand for safe-haven assets dampen considerably. Adding to risk-appetite was easing concerns regarding China’s stock market after intervention looks to have staved off a complete crash.
Japanese economic data bettered expectations on Friday although the result had minimal impact on the Yen with risk appetite dominating trade. June’s Consumer Confidence was expected to rise from 41.4 to 41.57, but the actual result advanced to 41.7. This is the first rise in confidence for three months as a result of higher share prices and improving employment conditions.
The Pound Sterling to Japanese Yen (GBP/JPY) exchange rate was trending within the range of 186.7300 to 189.9700 today.
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Source: moneytransfer.co.uk