British Pound dips to 207.50 as Japanese Yen rallies, unfazed by Oil prices

The British Pound (GBP) extends losses on Wednesday as the Japanese Yen (JPY) rallies across the board, with investors bracing for a quarter-point rate hike by the Bank of Japan (BoJ) at next week’s monetary policy meeting. The GBP/JPY’s rebound from year-to-date lows at 207.10 was capped at the 209.00 area on Tuesday, and the pair retreated again on Wednesday, hitting session lows near 207.50 at the London session opening.

Higher Crude prices, a traditional headwind for Yen rallies, have failed to dent JPY’s recovery. Brent oil is ticking down on Wednesday but remains near its highest levels in the last two months at $97.00, as the conflict…

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