The release of this morning’s European Central Bank (ECB) monetary policy statement was predictably uneventful, with the central bank leaving its main refinancing rate at 0.05%, its deposit rate at 0.20%, and its marginal lending facility at 0.30%.
While this week’s U.S. data doesn’t have a massive direct influence on GBP/JPY, the pair is still a good barometer of risk sentiment in the market and should react to changes in traders’ risk appetite. GBP/JPY has clearly taken a turn for the worse over the last few weeks.
Depending on your trading style, you either can’t wait to hear the closing bell at the end of today’s U.S. session or you’ll be extremely sorry to see this week come to an end. Either way, there’s still another two and a half weeks before the Fed’s highly-anticipated September monetary policy meeting.