EUR/JPY holds ground above 156.40 mark ahead of the BoJ, ECB rate decisions – by lilyfinancial EURJPY Crosses BOJ ECB
from the European Central Bank and Bank of Japan .
On Monday, the Hamburg Commercial Bank reported that the German HOCB Composite PMI decreased to 48.3 in July from 50.6 in June. This figure might raise the possibility that the economy will enter a recession during the second half of the year. Meanwhile, the HCOB Composite PMI for thedecreased to 48.9 from 49.0 in the same period. The index hit its lowest point in eight months.
Later this week, the cross could turn volatile as the ECB schedules its policy meeting for Thursday. The central bank is expected to raise interest rates by 25 basis points . Market participants speculate that the ECB will raise borrowing costs in July and September.Governor Kazuo Ueda put an end to speculation of a Yield Control Curve policy change and said that there was still some way to go before reaching the 2% inflation target.
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