The EUR/JPY cross recovers some lost ground near 167.20 during the early European session on Tuesday.
EUR/JPY gains traction around 167.20 in Tuesday’s early European session. The advanced Gross Domestic Product from Eurozone/Germany will be closely watched later on Tuesday. The BoJ is anticipated to raise the interest rateby 10 bps at its upcoming meeting on Wednesday. The Japanese Yen extends its decline for the second consecutive day, which provides some support to the cross.
What is the ECB and how does it impact the Euro? The European Central Bank in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa.
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