GBP/JPY trades down less than 0.15% as traders await BoE
The British Pound has drifted lower against the Japanese Yen, struggling to build on the previous day’s rebound from a two-week low.
The GBP/JPY cross is currently trading above 218.00, with the downside cushioned by expectations that the Bank of England will keep interest rates steady.
The UK Consumer Price Index fell to 2.6% in June, a 15-month low, but still above the BoE’s 2% target, leaving traders awaiting cues on the future policy path.
A pickup in US Dollar demand and potential Japanese intervention to prop up the Yen are also weighing on the GBP/JPY cross.