EUR/JPY comes out of woods as more rate hikes from ECB look warranted – by Sagar_Dua24 EURJPY ECB BOJ Inflation GDP
ECB Presidentcommented on July 27 while announcing the interest rate policy that further policy action will be data-dependent. Eurozone Gross Domestic Product and inflation data released on Monday conveyed that the ECB cannot shift policy to neutral at least for now.
The performance of the Eurozone economy remained upbeat in the April-June quarter as economic activities grew by 0.3% against a contraction of 0.1% and investors were hoping for an expansion by 0.2%. On an annualized basis, GDP expanded at a pace of 0.6% vs. expectations of 0.4%.GDP managed to come out of contraction and outperformed expectations, which shows its resilience. Apart from that, annual headline inflation landed at 5.3% higher than expectations of 5.
Meanwhile, the Japanese Yen is facing the wrath of the Bank of Japan policy shift. BoJ Governor provided more flexibility to the Yield Curve Control keeping interest rates steady, which would ease bond-buying operations by the central bank. Also, it delivered a strong message that the central bank is considering an exit from its long ultra-dovish policy.
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