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Pound rebounds versus yen after UK labor data beat expectations

GBP/JPY rose to about 218.55 following UK job gains of 147K, while wage growth excluding bonuses held at 3.4% YoY.

Reported · Written up by our desk · Major Pairs

FXStreet reports the British pound snapped a three-day losing streak against the Japanese yen, rebounding to near 218.55 during the European session on Tuesday.

The move came after UK labor market data for the three months ending May showed the economy created 147K fresh jobs, above the prior 100K reading.

According to the Office for National Statistics, the ILO unemployment rate stayed steady at 4.9%, while average earnings excluding bonuses remained at 3.4% YoY as expected.

FXStreet also said wage growth including bonuses cooled to 4.3% YoY from 4.4%, which could reduce near-term fears of additional Bank of England interest rate hikes, with investors now looking to UK CPI on Wednesday and Japan’s CPI on Friday.

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