Money Transfer.co.uk
Compare money transfers, currency exchange and international transfer
Thu 21 Nov 2024 11:42GMT
Compare Money Transfers. Safe. Fast. Free.
A money transfer through a foreign exchange broker is the smart move. With excellent exchange rates and fee-free transfers, you could save time and money.
I need to send money...
Pound Sterling to Japanese Yen (GBP/JPY) Exchange Rate Forecast to Dive on Safe-Haven Demand
Published: 8 Jul at 5 PM Tags: Pound Sterling, Euro Exchange Rate, Currency Exchange, Forex, Euro Crisis, Yen Exchange Rate, Exchange Rates,
The Pound sterling to Japanese Yen (GBP/JPY) exchange rate dived by over -2.0% on Wednesday.
The British Pound dived versus its major peers on Wednesday despite registering comparatively positive results in the BRC Shop Price Index and Halifax House Prices data publications. The Sterling depreciation is the result of speculation that the Bank of England (BoE) will delay a benchmark rate increase into 2016. This due to a significantly overvalued domestic currency which has already had a detrimental effect on British manufacturing output. BoE policymakers will want to avoid hiking the cash rate until the Pound has devalued considerably let they risk negatively impacting exports. The Pound also declined on Wednesday as a result of Chancellor George Osborne’s budget which showed the forecast for British growth in 2015 was reduced from 2.5% to 2.4% as the government prioritises a budget surplus over economic growth.
The Pound Sterling to Japanese Yen (GBP/JPY) exchange rate is currently trending in the region of 185.6200.
The Japanese Yen advanced versus most of its currency competitors on Wednesday thanks to heightened demand for safe-haven assets. The situation in Greece is having a marked effect on investor confidence with so many uncertainties hindering risk-appetite. The currency market is unlikely to resume high-yield demand until more is known about Greece’s future as a member of the Eurozone. In addition to the situation in Greece weighing on investor confidence, China’s stock market being incredibly close to a complete collapse has amplified trader risk-aversion. An astonishing 1301 companies have had trading in their shares suspended in an attempt to avert a complete stock market collapse. Many analysts fear that the contagion from such an event will far outweigh that of a Greek exit from the Eurozone.
The Pound sterling to Japanese Yen (GBP/JPY) exchange rate dropped to a low of 185.4900 today.
Looking ahead, domestic data is unlikely to be hugely impactful given that trader focus is dominated by Greece and China. With that being said, the Bank of England (BoE) interest rate decision has the potential to provoke changes for the Pound. Japanese Machine Tool Orders is likely to be swallowed up by safe-haven demand, however.
The Pound Sterling to Japanese Yen (GBP/JPY) exchange rate climbed to a high of 189.4700 today.
The British Pound dived versus its major peers on Wednesday despite registering comparatively positive results in the BRC Shop Price Index and Halifax House Prices data publications. The Sterling depreciation is the result of speculation that the Bank of England (BoE) will delay a benchmark rate increase into 2016. This due to a significantly overvalued domestic currency which has already had a detrimental effect on British manufacturing output. BoE policymakers will want to avoid hiking the cash rate until the Pound has devalued considerably let they risk negatively impacting exports. The Pound also declined on Wednesday as a result of Chancellor George Osborne’s budget which showed the forecast for British growth in 2015 was reduced from 2.5% to 2.4% as the government prioritises a budget surplus over economic growth.
The Pound Sterling to Japanese Yen (GBP/JPY) exchange rate is currently trending in the region of 185.6200.
The Japanese Yen advanced versus most of its currency competitors on Wednesday thanks to heightened demand for safe-haven assets. The situation in Greece is having a marked effect on investor confidence with so many uncertainties hindering risk-appetite. The currency market is unlikely to resume high-yield demand until more is known about Greece’s future as a member of the Eurozone. In addition to the situation in Greece weighing on investor confidence, China’s stock market being incredibly close to a complete collapse has amplified trader risk-aversion. An astonishing 1301 companies have had trading in their shares suspended in an attempt to avert a complete stock market collapse. Many analysts fear that the contagion from such an event will far outweigh that of a Greek exit from the Eurozone.
The Pound sterling to Japanese Yen (GBP/JPY) exchange rate dropped to a low of 185.4900 today.
Looking ahead, domestic data is unlikely to be hugely impactful given that trader focus is dominated by Greece and China. With that being said, the Bank of England (BoE) interest rate decision has the potential to provoke changes for the Pound. Japanese Machine Tool Orders is likely to be swallowed up by safe-haven demand, however.
The Pound Sterling to Japanese Yen (GBP/JPY) exchange rate climbed to a high of 189.4700 today.
Advertisement
Source: moneytransfer.co.uk