GBP/JPY rebounds from 160.00 as investors digest BoE’s dovish guidance, Japan CPI eyed – by Sagar_Dua24 GBPJPY BOE Inflation InterestRate RetailSales
Notable persistent inflation in the United Kingdom economy led by higher food prices, shortage of labor, and recent higher energy costs has been creating a mess for the BoE policymakers for a longer period.and global banking fiasco, BoE Governor Andrew Bailey went for an eleventh consecutive rate hike as inflationary pressures are getting beyond their control.
On the inflation guidance, BoE said that Consumer Price Index figures would start scaling lower from the second quarter. They further added that Wednesday’s surprise jump in the price index was the outcome of volatile clothing prices, which could prove less persistent. Analysts at Danske Bank consider that both growth and domestic inflation have surprised to the upside and given BoE’s message, they pencil in an additional 25 bps hike in May 2023.from the Pound Sterling would continue as UK Office for National Statistics will report the Retail Sales data. The economic data is expected to expand by 0.2% vs. 0.5% reported earlier. On an annual basis, a contraction is expected by 4.7%.
Meanwhile, the Japanese Yen will remain in action ahead of the release of the inflation data. Analysts at Standard Chartered expect “Headline CPI inflation to have expanded to 3.3% YoY, down from 4.3% in January. Similarly, core CPI inflation excluding fresh food may also have increased to 3.2%, less than 4.2% prior. However, core CPI excluding food and energy likely grew by 3.4% YoY in February, higher than 3.2% prior.
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