The EUR/JPY cross kicks off the new week on a positive note, albeit struggles to capitalize on its intraday move up and remains below the 162.00 mark through the Asian session.
EUR/JPY struggles to attract any meaningful buying amid mixed fundamental cues. The BoJ uncertainty and the risk-on mood undermine the JPY and lend support. Bets for a more aggressive ECB rate cuts cap any meaningful upside for the cross. Moreover, the fundamental backdrop suggests that the path of least resistance for spot prices is to the downside.
ECB FAQs What is the ECB and how does it influence 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 for the region. The ECB primary mandate is to maintain price stability, which means keeping inflation at around 2%. Its primary tool for achieving this is by raising or lowering interest rates. Relatively high interest rates will usually result in a stronger Euro and vice versa.
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