GBP/JPY closes out the entire week

Every day this week, the GBP/JPY dominated the currency markets in largest movements. The only difference today was that it moved up instead of down.
Hitting a low of 219.27 early in the day, the pair soon began its near 1000 pip movement. News that the Fed decreased its discount rate started the reaction. Confidence was restored in investors viewing the move as the Fed’s management of recessionary risk. They moved the DOW up more than 200 points. With that, traders could stomach risk a bit more reversing the losses in the GBP/JPY pair.