EUR/JPY recovers following ECB accounts from June’s meeting EURJPY Crosses Currencies
following the release of the European’s Central Bank accounts from the June meeting, and the Yen lost ground against most of its rivals amid weak Chinese Trade Balance data.
ECB’s monetary policy accounts showed that most of the Governing Council supported a 25 basis points hike in June and confirmed that a minimum of two additional increases were needed. In addition, the members “could consider” hiking beyond July if necessary. That being said, the ECB’s tightening expectations remain steady.
During the early Asian trading hours, China released that its trade surplus rose to $70.62 billion from $65.81 billion in June. In addition, Imports and Exports declined by 6.8% and 12.4% YoY respectively in the same period. In that sense, the Bank of Japan should monitor its biggest trading partner situation as it could aggravate the local economic downturn.
In addition, Japan's currency diplomat Masato Kanda cited that deflationary norms “may be changing” and that the BoJ is closely monitoring the FX markets. It's worth noticing that the JPY had gained ground in the previous session thanks to expectations on a Yield Control Curve policy tweak by the BoJ, so any hints of a pivot may contribute to limiting the Yen’s losses.
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