Mixed PMI data from the UK and Japan leaves the pair range-bound as traders await key economic releases.
The British Pound trades cautiously against the Japanese Yen, with GBP/JPY hovering around 213.40, near one-week highs. Weak UK PMI data showed a contraction in private-sector activity for the first time since April 2025, while Japan’s services sector stalled after 13 months of growth.
UK Composite PMI fell to 48.5 in May from 52.6 in April, a 13-month low. Japan’s Services PMI dropped to 50.0 from 51.0, signaling stagnation. Manufacturing PMIs in both economies met or exceeded expectations, limiting volatility.
Traders also monitored US-Iran negotiations, where Iran’s Supreme Leader ordered near-weapons-grade uranium to remain in the country, complicating diplomatic efforts.