GBP Bidders and Losers

GBP remains defensive due to UK political leadership uncertainty despite a positive long-term growth outlook. Meanwhile, USD/JPY tests 158 as the effectiveness of BoJ interventions is questioned.

Key Takeaways

• 1.UK political risks are keeping the GBP defensive as potential leadership challenges to PM Keir Starmer emerge.
• 2.USD/JPY is testing the 158 level despite suspected BoJ interventions, though hawkish comments from BoJ's Masu provided some relief.
• 3.US PPI data is showing upstream inflation pressures, contributing to higher US Treasury yields.

Table of Contents

• Asia overnight
• GBP: bidders and losers
• JPY: where intervention goes to die?
• Introducing RMA!
• Open trade recommendations
• Key events
• FX Research advanced tools
• Red Mount Analytics
• Global Markets Research contact details

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