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GBP/JPY Rises Above 160.0 Prior To BoJ Ueda's Speech

Alina Haynes

Mar 27, 2023 14:46

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During the Asian session, the GBP/JPY pair's recovery above 160.00 has continued. Following the release of better-than-expected United Kingdom Retail Sales data, the cross has strengthened. Monthly Retail Sales (Feb) data increased by 1.2%, exceeding both the consensus estimate of 0.2% and the most recent reading of 0.9%. The annual Retail Sales data for the United Kingdom decreased by 3.5%, whereas analysts had predicted a 4.0% decline.

 

A rise in consumer expenditure in the United Kingdom could be the cause of an increase in the Producer Price Index (PPI), which could increase the financial burden on households. In contrast, Bank of England (BoE) Governor Andrew Bailey stated in a BBC interview on Friday, "There are signs of encouraging inflationary progress, but we must remain vigilant."

 

Last week, the BoE increased interest rates by 25 basis points (bps) to 4.25 percent despite global banking turmoil. Due to an increase in food price inflation and a labor shortage, inflationary pressures in the UK zone are extremely elevated. The inflation rate remains in double digits, so the Bank of England was compelled to raise interest rates further.

 

Catherine Mann, a member of the Bank of Canada, stated on Friday that she voted for a 25bp rate increase instead of a larger increase at this week's meeting, in part because inflation expectations have begun to moderate, indicating that monetary policy is having an effect.

 

The Japanese Yen will remain active in Tokyo prior to Bank of Japan (BoJ) Governor Kazuo Ueda's speech. As the central bank strives to maintain an inflation rate above 2%, it is anticipated that the BoJ will adopt a dovish stance. The majority of Japan's inflation increase is attributable to higher import prices. Consequently, monetary instruments must exert a stronger influence on inflation.

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