The EUR/JPY cross loses traction to 166.65 during the Asian session on Monday.
EUR/JPY faces some sell-off to 166.65 in Monday’s Asian session. The Japanese Yen rebounds from a multi-decade low amid the likely FX intervention from the BoJ. The first reading of the German Consumer Price Index willbe publishedlater on Monday. The cross reaches the intraday low of 166.36 after retracing from 171.60, the highest level since 2008.
On the other hand, European Central Bank policymakers noted that inflation in the Eurozone is cooling down and that theECB is still likely to begin lowering its deposit rate from a record-high 4% in June. However, investors will take more cues from the incoming inflation data. The first reading of the German Consumer Price Index will be due on Monday.On Wednesday,the Eurozone Gross Domestic Product for Q1 and the Harmonized Index of Consumer Prices willbe released.
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