GBP Holds Gains Ahead of UK PMI Data

The British Pound (GBP) maintained its gains against the Japanese Yen (JPY) on Friday, trading around 217.00 ahead of the UK's preliminary S&P Global Purchasing Managers' Index (PMI) data for August.

The PMI report is expected to show a moderate pace of business activity expansion, with the Composite index arriving at 51.6, lower than July's 52.2.

Earlier in the day, the UK Office for National Statistics reported weak Retail Sales data for July, which showed consumer spending power being limited by higher inflationary pressures.

This comes as the UK Consumer Price Index (CPI) data for July revealed headline inflation accelerating to 2.9% YoY from 2.6% YoY in June.