EUR/JPY making higehr daily lows, US CPI looms By ross_burland EURJPY DollarIndex ECB Fed Currencies
the cross is consolidating a parabolic move in the daily from the 3rd Feb business which followed a surprisingly hawkish outcome of the European Central Bank meeting. The governor of the ECB,said inflation risks were said to be tilted to the upside and there was no repeat of a comment that a 2022 hike was very unlikely. Instead. some policymakers wanted to take action on Thursday's meeting and the markets reacted in kind. The euro shot higher, extending its recovery vs.
However, as the dust settled and on conflicting comments at the start of the week from Lagarde, the euro turned on a dime. It has continued to retreat from near a three-month high to Japan's currency mid-week. The ECB's Lagarde said on Monday there was no need for extensive tightening, trying to temper rising expectations for aggressive action after she last week opened the door a crack to a potential rate rise this year.
Meanwhile, improved risk sentiment, however, has helped to put a floor under the cross that is making a series of higher daily lows this week. Worldrallied on Wednesday. European bourses were gaining on strong earnings as investors put aside worries about rising interest rates for now. With that being said, the greenback touched a one-month high versus the yen on Wednesday, boosted by a climb in Treasury yields to multi-year peaks in anticipation of strong inflation data later today.
Markets are pricing in more than a 70% chance of a 25 basis point hike and a nearly 30% chance for a 50 basis point hike when U.S. policymakers meet in March, according to CME's FedWatch Tool. this comes a the markets are in anticipation that the US Consumer Price Index will have risen by over 7% year-over-year in January.
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