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GBP/JPY sets a weekly close above 202.00 for the first time since 2008

Earlier this morning the GBP/JPY managed to lift further above the 202 handle for the first time since August 2008. Of course that was also a new 2024 high for the Pound too. The high seen so far has been set at 202.16. The GBP/JPY had closed in the US on Friday at 202.06 which was some way above the earlier session low at 200.49 seen earlier in the day. It was also a 15 year weekly closing high for the Pound of course too. The attractiveness of the Sterling carry trade is clear to see and that is pretty similar to the USD/JPY. The fact that the BOE may not move on interest rates until November is also another factor to consider, despite renewed calls for a cut in August, after the UK general election. The GBP/JPY is currently trading at 202.04
 

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