If you are pessimistic about the impact on the global economy of Covid-19 in general, and the possibility of new variants in particular, then going short GBP/JPY is a trade worth considering. Get your market update from MartinSEssex here:
is a “risk-on” currency that falls when investors are downbeat about the outlook. On the other, the Japanese is a “safe haven” that strengthens when investors are fearing the worst.
has been falling since July 2007 but is now close to the resistance line joining the lower highs recorded since then and could well, long-term, move towards the support line.Given there are many other risk-on currencies, why choose the Pound? Well, first the Bank of England still seems poor at communicating with the markets. The previous Governor, Mark Carney, was dubbed the unreliable boyfriend for that reason.
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