3 Feb 2014
GBP/JPY fresh lows
FXStreet (Guatemala) - GBP/JPY has been dropping, dropping and dropping on the back of risk aversion.
Lee Hardman, currency analysts at The Bank of Tokyo-Mitsubishi UFJ, Ltd explained that the emerging market currency sell off has continued overnight following the release of the latest PMI surveys from China which have reinforced investor concerns over slowing economic growth. “The official manufacturing PMI survey, which was released over the weekend, revealed that business confidence declined by 0.5 point to a six-month low of 50.5 in January. It echoed weakness already evident in the HSBC/Markit manufacturing PMI survey. The new orders sub-component declined even more sharply by 1.1 point to 50.9 in January, while the employment sub-component fell even further the below the 50-level to 48.2 in January which as the lowest reading since February 2013”.
GBP/JPY Levels
The 20 DMA is 170.85, the 50 DMA is 169.95 and the 200 DMA is 158.35. RSI (14) reads 23.63. Spot is 165.03
Lee Hardman, currency analysts at The Bank of Tokyo-Mitsubishi UFJ, Ltd explained that the emerging market currency sell off has continued overnight following the release of the latest PMI surveys from China which have reinforced investor concerns over slowing economic growth. “The official manufacturing PMI survey, which was released over the weekend, revealed that business confidence declined by 0.5 point to a six-month low of 50.5 in January. It echoed weakness already evident in the HSBC/Markit manufacturing PMI survey. The new orders sub-component declined even more sharply by 1.1 point to 50.9 in January, while the employment sub-component fell even further the below the 50-level to 48.2 in January which as the lowest reading since February 2013”.
GBP/JPY Levels
The 20 DMA is 170.85, the 50 DMA is 169.95 and the 200 DMA is 158.35. RSI (14) reads 23.63. Spot is 165.03