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29 Jan 2014
GBP/JPY testing 171.35
FXstreet.com (Córdoba) - The GBP/JPY climbed to test Tuesday’s highs earlier in Asia after the Turkish central bank announced an increase in interest rates. Cable hit a fresh weekly high at 171.37 but failed to rally further and pulled back afterwards, finding support at 170.90.
At the moment of writing the GBP/JPY is hovering around 171.00, consolidating weekly gains ahead of the FOMC meeting.
GBP/JPY supported by risk appetite
On Tuesday the Pound rose for the second day in a row against the Yen, as stocks recovered. Also yesterday, the first estimate of UK fourth quarter GDP was released: the economy grew at a rate of 0.7%, as expected by analysts.
Earlier today, the commitment shown by the Turkish central bank to prevent another sharp depreciation and to fight inflation, triggered a rally in risky assets, weakening the Yen across the board.
At the moment of writing the GBP/JPY is hovering around 171.00, consolidating weekly gains ahead of the FOMC meeting.
GBP/JPY supported by risk appetite
On Tuesday the Pound rose for the second day in a row against the Yen, as stocks recovered. Also yesterday, the first estimate of UK fourth quarter GDP was released: the economy grew at a rate of 0.7%, as expected by analysts.
Earlier today, the commitment shown by the Turkish central bank to prevent another sharp depreciation and to fight inflation, triggered a rally in risky assets, weakening the Yen across the board.