EUR/JPY sits in 145.20s as traders look to Fed and BoJ – by fx_ross EURJPY Currencies BOJ ECB
The Fed chair is the first major risk or the cross.
EUR/JPY is flat in the Asan session so far sticking to a narrow 145.04 and 145.20 range. The pair has been drifting higher over the course of the year so far driven by theFirstly, the Euro and US Dollar battle has been dominated by Federal Reserve policy. This week's testimony by Jerome Powell, who is the chairman of the Fed, will be watched for any new signals on whether the U.S. central bank could reaccelerate the pace of rate hikes in response to the recent data.
However, the EUR has had its own fundamental backdrop to traverse in recent months. ''A build-up of EUR long positions late last year and into January reflected the softening in European gas prices and a strengthening in the view that Germany could avoid recession this year,'' analysts a Rabobank said. ''Germany may still suffer a technical recession in Q4 2022/Q1 2023, but at least more recent data are indicating resilience in the economy.
Meanwhile, the next BoJ policy meeting is due on March 10 and it will be Kuroda’s last where markets suspect that he will trigger the commencement of policy normalization with an adjustment of YCC. ''However, this is unlikely without the results of the spring wage talks,'' the analysts at Rabobank argued.
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