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EUR/JPY holds below 164.00 amid BoJ intervention fears

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The EUR/JPY cross trades with a mild negative bias around 163.75 during the early European session on Thursday.

EUR/JPY trades on a softer note around 163.75 in Thursday’s early European session. The verbal intervention from Japanese authorities provides some support to the JPY. ECB’s Stoumaras said there is a growing consensus for a rate cut in June. The German February Retail Sales data will be due later on Thursday. The cross edges lower amid the fear of foreign exchange intervention from the Japanese authorities.

On Tuesday, ECB official Yannis Stoumaras said that there is a higher chance for a June rate cut, while Bank of Italy Governor Fabio Panetta said on Monday that the ECB is moving towards an interest rate cut as inflation is easing rapidly and approaching the 2% target. Looking ahead, traders will monitor German Retail Sales data, which is estimated to drop 0.8% YoY in February. Also, the German Unemployment Change and Italian Producer Price Index will be released.

 

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