The beginning of a long-term decline?
MARKET VOICE
The relationship between yield and currency performance is a fickle one, but in modern times GBP has always seemed to demonstrate a particular sensitivity to interest rate issues. Given this, it is curious to note that arguably one of the most misaligned of all the JPY crosses has been GBP/JPY, when looked at in terms of yield pickup. Even after the dramatic decline seen over the past few weeks, it still remains around 16% above its average price for the past decade, while GBP's one-year yield
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