The EUR/JPY recovers the dip to near 170.20 that was influenced by Bank of Japan (BoJ) board member Seiji Adachi’s commentary on the monetary policy outlook.
EUR/JPY rebounds after a steep fall that was influenced by BoJ Adach’s support for a reduction in BoJ’s bond-buying. The uncertainty over BoJ’s wage growth outlook has limited the scope of further policy tightening. German inflation data will impact market speculation for ECB rate cuts beyond June. The EUR/JPY recovers the dip to near 170.20 that was influenced by Bank of Japan board member Seiji Adachi’s commentary on the monetary policy outlook.
This week, the Japanese Yen will be guided by the Tokyo Consumer Price Index for May and the RetailTrade data for April, which will be published on Friday. Meanwhile, the Euro is under pressure ahead of the preliminary German CPI data for May, which will be published at 12:00 GMT. Economists expect that the annual Harmonized Index of Consumer Prices accelerated to 2.7% from the prior reading of 2.4%, with the monthly headline and harmonized inflation data grew at a slower pace of 0.2%.
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