EUR/JPY struggles to hold 150.00 as investors turn cautious ahead of ECB Lagarde’s speech – by Sagar_Dua24 EURJPY ECB BOJ Inflation GDP
President Christine Lagarde before the European Parliament.
ECB Lagarde is expected to provide guidance about the likely monetary policy action in June’s monetary policy meeting. The street is convinced that the ECB will hike interest rates further despite the sheer softening ofAn in-depth investigation of the Eurozone’s May inflation report showed that headline price pressures slowed dramatically amid declining energy prices and food inflation while core inflation is still stubborn.
In addition to ECB Vasle, ECB Governing Council member, Gabriel Makhlouf, said that they are “likely to see another rate increase at the next meeting.“ He further added a fall in Eurozone inflation is welcomed but is not definitive with underlying pressures quite strong. It is likely that we will see another rate increase at the next meeting as the ECB has not reached the moment where it can say let's now stop.
Meanwhile, the Japanese Yen is making efforts to get an upper hand as the Bank of Japan is expected to intervene to provide some cushion to the domestic currency. According to the latest Reuters report, bets against the Japanese Yen have risen to $8.6 billion equivalent, which was a similar level when Japan’s authorities intervened last year. will remain in the spotlight. Thursday’s GDP data is expected to expand by 0.5% vs. prior expansion of 0.4% on a quarterly basis.
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