The EUR/JPY pair trades in a tight range around 162.50 in Thursday’s European session.
EUR/JPY trades sideways near 162.50 with ECB policy in focus. Investors expect the ECB to cut interest rates again by 25 bps. The next move in the Japanese Yen will be projected by the National CPI data for September. The cross consolidates as investors have sidelined ahead of the European Central Bank’s interest rate decision, which will be announced at 12:15 GMT. The ECB is widely anticipated to reduce the Rate on Deposit Facility by 25 basis points to 3.25%.
Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen.
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