GBP/JPY depreciatedas Japan ’s Suzuki mentioned taking action against excessive currency volatility if needed. Japan 's foreign exchange reserves declined to $1,231 billion in May, reaching their lowest level since February 2023. The slower progress in the disinflation process diminishes the likelihood of multiple BoE rate cuts this year. The GBP/JPY cross faced pressure following hawkish comments from Japan ese Finance Minister Shunichi Suzuki.
1% rise in April, exceeding forecasts of 1.2%. Traders will likely to focus on the employment data for the February-April period, which will be released on Tuesday. The UK's number of employed people has declined for three consecutive periods. Indications of further layoffs could negatively impact the Pound Sterling , as it would increase traders' expectations for early rate cuts by the Bank of England . Although UK annual headline inflation dropped significantly to 2.3% in April.
Source: News Formal (newsformal.com)
Crosses Macroeconomics Japan Unitedkingdom
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