EUR/JPY threatens cycle high following weak Japanese data EURJPY Crosses Currencies
monetary policyConsidering this, the German yields are seeing gains across the curve, helping the European currency trade strong against most of its rivals. The 10-year bond yield rose to 2.47%, while the 2-year yield stands at 3.12% and the 5-year yielding 2.52%, respectively with all three seeing gains of more than 1%.
Moreover, no relevant data will be released from the European block this week, and regarding the next European Central Bank decisions expectations, investors await the next set of data. Considering thatis “open-minded” and that the decision will depend on incoming data regarding the September resolution, markets will closely monitor next week’s Q2 Gross Domestic Product and inflation data from July from the European Union.
On the Japanese front, Machine Tool Orders came in at -19.8% YoY in July vs the -21.1% expected and its previous figure in May, tallying a contraction for seven straight months. In that sense, weak economic data supports a more dovish stance of the Bank of Japan which could apply further pressure on the JPY.Considering the daily chart, the EUR/JPY shows a bullish sentiment for the short term.
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