GBP/JPY slides to fresh daily low, eyes 161.00 mark on softer-than-expected UK CPI – by hareshmenghani GBPJPY Inflation BOE RiskAversion Currencies
on touched the previous day. The cross remains depressed through the early European session and hits a fresh daily low, around the 161.15 area, following the release of the UK consumer inflation figures.
In fact, the UK Office for National Statistics reported that the headline CPI declined by 0.6% in January, more than the 0.4% fall anticipated. Adding to this, the yearly rate decelerated from 10.5% in December to 10.1% during the reported month, again missing estimates for a reading of 10.3%. Moreover, Core CPI, which excludes seasonally volatile products such as food and energy, came in at 5.8% YoY as compared to the 6.3% previous and 6.2% expected.
The aforementioned fundamental backdrop favours bearish traders and suggests that the recent move-up witnessed over the past two weeks or so has run out of steam. That said, it will still be prudent to wait for some follow-through selling below the 161.00 mark before confirming the negative
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