S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
- GBP/JPY softens to around 195.00 in Friday’s early European session.
- UK Retail Sales climbed 1.0% MoM in February, stronger than expected.
- Tokyo CPI inflation exceeded forecasts, keeping the BoJ on the rate hike path.
The GBP/JPY cross weakens to near 195.00 during the early European session on Friday. The stronger UK economic data fails to boost the Pound Sterling (GBP) against the Japanese Yen (JPY).
Data released by the Office for National Statistics (ONS) showed on Friday that the UK Retail Sales increased 1.0% MoM in February versus a rise of 1.7% in January. This figure came in above the market consensus of a decline of 0.3%. On an annual basis, Retail Sales jumped 2.2% in February compared to a rise of 0.6% (revised from 1.0%) prior, better than the estimation of 0.5%. The GBP remains weak in an immediate reaction to the upbeat UK Retail Sales data.
On the JPY’s front, the cost of living in Tokyo rose more than expected from the previous month, keeping the Bank of Japan (BoJ) on track for further interest rate hikes. This, in turn, could underpin the Japanese Yen against the GBP. Data released earlier this Friday showed that the headline Consumer Price Index (CPI) in Tokyo climbed 2.9% in March from 2.8% in February. Additionally, Tokyo Core CPI, which excludes volatile fresh food prices, rose to 2.4% during the reported month from 2.2% in February.
