It was a week a surprises. While BoE delivered that a 25bps hike, four of the nine MPC members have indeed voted for a 50bps raise. However, there was no follow through buying as BoE indicated only "modest" tightening would follow. Also, the event was overshadowed by ECB's unexpected hawkish turn. Then, after US ADP report set up rather low expectation for non-farm payroll, NFP hit the markets with a bang.

Still, Dollar ended as the worst performing one even though it tried to strike a late come back. Yen was the second worst, followed by Canadian Dollar. Euro was the runaway winner, followed by Australian and then New Zealand Dollar. Sterling just ended mixed with Swiss.

GBP/JPY Weekly Outlook

GBP/JPY's rebound from 152.88 extended higher last week, but lost momentum after hitting 156.48. Initial bias is neutral this week first. The consolidation pattern from 158.19 could still extend further. On the downside, below 154.46 minor support will turn bias back to the downside for 152.88 support and below. Nevertheless, above 156.48 will target a test on 157.74/158.19 resistance zone. Decisive break there will resume larger up trend.

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Weekly Economic & Financial Commentary: Omicron Not Enough to Crash the Payroll Party

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Week Ahead: It's All About Inflation!

Week Ahead – Plenty More Action to Come

Week Ahead – US Inflation in the Spotlight Again, UK GDP Eyed Too

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