- GBP / JPY is falling for the second day in a row on Tuesday.
- The yen is among the best performing currencies with a slight drop in stocks and Treasury yields.
GBP / JPY rose to its highest level since February 2020 at 144.96 on Monday, but then lost momentum. After closing in negative territory on the first day of the week, the cross extended the retracement to the 144.00 area. It is trading around 144.20, losing 0.25% on the day.
No relevant data, some risk aversion along with a weak dollar led to a sharp decline in USD / JPY, which put pressure on GBP / JPY.
The major Wall Street indices are retreating, further supporting the yen. The Dow Jones loses 0.30% although the Nasdaq has moved to slightly positive territory.
Without relevant data for Tuesday, NIESR’s GDP estimate for January appears on Wednesday, the only data included in the economic agenda of the UK. Later in the day, the Governor of the Bank of England (BoE), Andrew Bailey, is scheduled to deliver a speech, estimated at 1700 GMT.
Technical levels
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