The GBP/JPY declines to about 195.65 in the early European session on Tuesday.
In the three months leading up to April, the UK unemployment rate increased to 4.6%; in May, the claimant count change was 33.1K.
As a headwind for the cross, hawkish BoJ expectations help the Japanese yen.
The GBP/JPY cross drops to roughly 195.65 during the early European session on Tuesday. Following the UK employment figures, the GBP is still depreciating versus the JPY. The UK Gross Domestic Product (GDP) statistics for April is coming on Thursday, and traders will be watching it closely.
In the three months leading up to April, the UK's ILO Unemployment Rate increased slightly to 4.6% from 4.5% in the previous three months, according to data issued by the UK Office for National Statistics on Tuesday. This number was consistent with the 4.6% forecast for the time under review.
In the meantime, the Claimant Count Change grew by 33.1K in May as opposed to -21.2K in the previous month (updated from 5.2K), which was less than the 9.5K consensus. In an instant response to the poorer UK employment news, some sellers are drawn to the GBP.
Japan's Cabinet Office reported on Monday that the country's GDP decreased at an annual rate of 0.2% in Q1, as opposed to the initial estimate of a 0.7% decline. The JPY may be supported by an upward revision of Japan's Q1 GDP, which has confirmed the Bank of Japan's (BoJ) rate rise bets.
On Tuesday, BoJ Governor Kazuo Ueda stated that if the central bank is sufficiently certain that the underlying inflation is close to or hovers around 2%, it will hike interest rates. Next week, the Japanese central bank is scheduled to have a two-day policy meeting.
In the three months leading up to April, the UK unemployment rate increased to 4.6%; in May, the claimant count change was 33.1K.
As a headwind for the cross, hawkish BoJ expectations help the Japanese yen.
The GBP/JPY cross drops to roughly 195.65 during the early European session on Tuesday. Following the UK employment figures, the GBP is still depreciating versus the JPY. The UK Gross Domestic Product (GDP) statistics for April is coming on Thursday, and traders will be watching it closely.
In the three months leading up to April, the UK's ILO Unemployment Rate increased slightly to 4.6% from 4.5% in the previous three months, according to data issued by the UK Office for National Statistics on Tuesday. This number was consistent with the 4.6% forecast for the time under review.
In the meantime, the Claimant Count Change grew by 33.1K in May as opposed to -21.2K in the previous month (updated from 5.2K), which was less than the 9.5K consensus. In an instant response to the poorer UK employment news, some sellers are drawn to the GBP.
Japan's Cabinet Office reported on Monday that the country's GDP decreased at an annual rate of 0.2% in Q1, as opposed to the initial estimate of a 0.7% decline. The JPY may be supported by an upward revision of Japan's Q1 GDP, which has confirmed the Bank of Japan's (BoJ) rate rise bets.
On Tuesday, BoJ Governor Kazuo Ueda stated that if the central bank is sufficiently certain that the underlying inflation is close to or hovers around 2%, it will hike interest rates. Next week, the Japanese central bank is scheduled to have a two-day policy meeting.
