The EUR/JPY cross struggles to capitalize on its positive move witnessed over the past two days and comes under some selling pressure on Wednesday. Sp
ot prices, however, manage to rebound around 40-50 pips from the daily trough touched during the early part of the European session and currently trade with modest intraday losses, around the 158.15-158.20 region, down less than 0.15% for the day.
The shared currency attracts some buyers in reaction to hawkish comments by European Central Bank Governing Council member Klaas Knot, which, in turn, assists the EUR/JPY cross to rebound from the 157.75 region. Knot told Bloomberg that investors betting against an interest rate increase next week are possibly underestimating the likelihood of it happening.
Knot, however, added that a rate hike is a possibility, not a certainty. This, along with a verbal intervention by Japan's top currency diplomat Masato Kanda, keeps a lid on any further upside for the EUR/JPY cross. In fact, Kanda warned against the recent sell-off in the Japanese Yen and said that authorities won't rule out any options if speculative moves in the currency market persist.
A private survey showed on Tuesday that business activity in China's services sector expanded at its slowest pace in eight months and fueled worries about the worsening conditions in the world's second-largest economy. Apart from this, persistent US-China trade tensions temper investors' appetite for riskier assets.
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