GBP/JPY bulls struggle below 185.00 on downbeat UK inflation clues, Japan employment data

GBP/JPY retreats from intraday high to 184.60 as it lacks upside momentum after a two-day winning streak amid mixed catalysts from the UK and Japan. A

lso probing the pair buyers are the downbeat US Treasury bond yields and cautious mood as the British traders return after Monday’s bank holiday.

Earlier in the day, the British Retail Consortium’s annual shop price inflation slumped to the lowest level since October 2022 while flashing 6.9% mark for August, versus 7.6% reported in July. On the other hand, Japan’s Unemployment Rate offered a surprise increase to 2.7% for July versus 2.5% expected and prior while the Jobs / Applicants Ratio eased to 1.29 for the said month versus 1.30 anticipated and previous readings.

Elsewhere, the US 10-year Treasury bond yields dropped three basis points to 4.20% and the two-year counterpart declined half a percent to 5.5% the previous day while extending last week’s pullback from the multi-month high. That said, the US 10-year Treasury bond yields remain pressured near 4.19% by the press time whereas the S&P 500 Futures lack clear directions as we write.

Further, the mixed details of Japan’s Coincident Index for June and the Leading Economic Index for the said month also prod the GBP/JPY pair traders. It’s worth noting that Bank of Japan Governor Kazuo Ueda cited a bit below target Japan inflation to defend the currently ultra-easy monetary policy at theLooking ahead, the British traders’ return to the table and a reaction to last week’s hawkish bias of Bank of England Deputy Governor Ben Broadbent will be important to watch.

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