EUR/JPY Price Analysis: Bulls comfortably consolidate above the 20-day SMA despite weak European data EURJPY Crosses Currencies
The EUR reported weak Industrial data, which led to a decrease in German bond yields.At the start of the week,weakened against most of its rivals on the back of weak industrial data but held gains against the JPY. On the other hand, the Yen trades mixed following the release of the Bank of Japan summary of opinions from the July meeting.came in at -18.9, better than the -23.4 expected, while the German Industrial Production dropped by 1.5% in June, higher than the 0.4% decline expected.
Concerning the next European Central Bank meetings, tightening expectations remain low. According to World Interest Rate Possibilities tool, the markets are currently pricing in a 40% chance of a 25 bps hike in the September meeting, and 60% odds of a 25 bps hike in the October meeting, and a 70% probability of a hike in the December meeting.
On the Japanese side, the Bank of Japan’s summary of opinions revealed that several members favoured tweaking the Yield Control Curve , with members suggesting directly lifting the YCC to encourage bond investments. In that sense, these signals indicate that the BoJ may be on its way to dropping the YCC policy and eventually starting it's tightening cycle, but the process won’t be quick.
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