The EUR/JPY cross holds positive ground during the early European session on Wednesday.
EUR/JPY gains momentum around the 160.00 psychological figure on Wednesday. The verbal intervention from Japan's top currency diplomat Masato Kanda might cap the Japanese Yen’s downside. Eurozone HICP eased to 2.9% YoY in October vs 4.3% prior, the quarterly GDP for Q3 came in at -0.1%. The cross hovers around the 160.00 psychological mark after retracing from the fresh 15-year highs of 160.85.
On the Euro front, the European Central Bank decided to leave the interest rate steady last week and the market anticipates the first-rate cut in the first half of 2024. On Tuesday, the preliminary Eurozone Harmonized Index of Consumer Prices eased to 2.9% YoY in October versus 4.3% prior, below the market consensus. The Core HICP came in at 4.2% from the previous reading of 4.5%. Meanwhile, the quarterly and annual Eurozone Gross Domestic Product for the third quarter came in at -0.1% and 0.
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