EUR/JPY recovers sharply above 168.00 amid fresh concerns over ECB rate cuts from June. The Eurozone inflation rose higher than estimates, and Q1 GDP outperformed expectations. The Japan ese Yen edges down but holds significant gains reported on Monday. The cross rises 0.36% after the Eurostat reported that strong preliminary Consumer Price Index for April and Q1 Gross Domestic Product data. The agency showed that annual Harmonized Index of Consumer Prices rose by 2.
Also, majority of ECB policymakers were comfortable with rate-cut expectations for June while they were divided over whether the rate cut cycle should continue straight after June meeting. On the Tokyo front, the Japanese Yen has come down slightly against all major currencies after rallying on Monday. Financial markets anticipated that the upside move in the Japanese Yen was the outcome of Japan’s probable intervention.
ECB Inflation GDP Japan
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