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Market News The Eurozone GDP Data Is Imminent, and EUR/JPY Continues to Decline Below 169.50

The Eurozone GDP Data Is Imminent, and EUR/JPY Continues to Decline Below 169.50

In the European session of Friday, EUR/JPY experienced a 0.18% decline on the day, losing momentum near 169.20. April's German Industrial Production decreased by 0.1% month-over-month, which was worse than anticipated, following a 0.4% decrease in March. Inflation expectations are progressively increasing, according to Ueda of the Bank of Japan, but they have not yet reached 2%.

TOP1 Markets Analyst

2024-06-07

8505

EUR:JPY 2.jpeg

During the early European trading hours on Friday, the EUR/JPY cross continues to decline, with a target of 169.20. The cross edged lower following the release of German April Industrial Production, which was weaker than anticipated. Furthermore, the Japanese Yen (JPY) is supported by the verbal intervention from Japanese authorities early Friday, which is currently weighing on EUR/JPY.

The Federal Statistical Office Destatis of Germany reported on Friday that industrial production in the German manufacturing sector continued to decline in April. April's German industrial output decreased by 0.1% month-over-month, following a 0.4% decrease in March. This was less than the anticipated 0.3% increase. The Euro (EUR) attracts some sellers in response to the downbeat German industrial production, which creates a headwind for the cross.

At its June meeting on Thursday, the European Central Bank (ECB) made the decision to reduce interest rates by 25 basis points (bps), as market analysts had anticipated. In its most recent macroeconomic projections, the European Central Bank (ECB) increased its annual average headline inflation forecast for 2024 from 2.3% to 2.5%. Investors anticipate the release of the Eurozone Gross Domestic Product (GDP) for the first quarter (Q1) on Friday in order to provide additional momentum. The GDP number is expected to increase by 0.3% quarter-over-quarter and 0.4% year-over-year in Q1, which is consistent with the previous estimate.

Many analysts anticipate that the Bank of Japan (BoJ) will reduce its government bond purchases during its meeting next week, which could have an impact on the JPY. According to a Bloomberg survey, approximately 70% of respondents anticipate that the likelihood of such an action will increase as a result of the Japanese yen's recent depreciation. Governor Kazuo Ueda of the Bank of Japan (BoJ) stated on Thursday that inflation expectations are progressively increasing but have not yet reached 2%. He also stated that they are "continuing to observe market developments since the March decision." Toyoaki Nakamura, a member of the BoJ board, has indicated that it is appropriate to maintain the current policy in place for the time being.