Snapshot: GBP/JPY trades at 215.97, up 0.12% on the session. Hawkish repricing of Bank of England rate-cut expectations continues to drive the pair. No major UK data prints before the NY open.
- UK 2Y yields are up 6bp d/d to 4.493%, signaling reduced expectations of near-term BoE easing.
- Watch for potential profit-taking at the 216.00 level, and keep an eye on any fresh comments from BoE officials.
Bias into NY: Bullish. The domestic rates picture favours further upside toward 216.50, especially if US yields continue to track higher as well.