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Old 12-09-2023, 11:00
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Default GBP/JPY aims for 184.00 as UK employment data paints a mixed picture

During the Asian trading session on Tuesday, GBP/JPY exhibited a resilient upward trend, currently hovering around the 183.70 mark. The pairís recent gains can be attributed to a nuanced assessment of the latest employment data emanating from the United Kingdom.

The Office for National Statistics unveiled key labor market indicators that stirred the forex landscape. To begin with, the ILO Unemployment Rate (3M) for July came in at 4.3%, marking a slight uptick from the previous reading. This figure, however, remained in alignment with market expectations, somewhat soothing trader sentiments. Conversely, the headline Employment Change for July left markets disheartened, recording a worrisome decline of 207,000 jobs, a stark contrast to the previous monthís modest growth of 66,000 positions. This disappointing plunge surpassed market forecasts, which had anticipated a more modest reduction of 185,000 jobs. On a brighter note, the Claimant Count Change for August displayed a positive shift, improving to 0.9K from the previous figure of 29K, signaling a potential turnaround in the UK labor market.

In parallel developments, Bank of England policymaker Catherine Mann injected a dose of optimism into the British Pound (GBP). Mannís remarks suggested that it is premature for the central bank to halt its interest rate adjustments. She emphasized a proclivity towards pursuing a more aggressive rate-hiking strategy rather than ceasing these adjustments prematurely. Such hawkish commentary often resonates well with traders, providing support for the British Pound (GBP) and, by extension, the GBP/JPY pair.

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