GBP/JPY recovers from one-week low, back above 156.00 on Lavrov's comments By HareshMenghani GBPJPY Brexit RiskAppetite Currencies RussianFederation
The cross extended last week's retracement slide from the vicinity of 2021 high, or levels just above the 156.00 mark and witnessed heavy selling during the first half of the trading on Monday. Tensions over the Northern Ireland protocol of theagreement, along with Friday's disappointing UK GDP report turned out to be a key factor that undermined the British pound.
That said, a more hawkish Bank of England policy decision should help limit any deeper losses for sterling. It is worth recalling that theraised the benchmark interest rate by 25 bps and the vote distribution showed that four out of nine MPC members backed a more aggressive 50 bps increase in borrowing costs.
The latest comments by Russia's Foreign Minister Sergey Lavrov helped ease worries about an imminent Russian invasion of Ukraine. Lavrov told Russian President Vladimir Putin in a meeting on Monday that the US had put forward concrete proposals on reducing military risks and that he could see a way to move forward with talks. He, however, warned that indefinite talks are not possible, but there was always a chance for agreement.
It will now be interesting to see if bulls are able to capitalize on the move or the intraday uptick is seen as an opportunity to initiate fresh bearish positions around the GBP/JPY cross. Hence, it will be prudent to wait for strong follow-through buying before confirming that the recent corrective pullback has run its course. Market participants now look forward to Tuesday's release of the UK jobs report for a fresh impetus.
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