EUR/JPY rallies on upwards revision to Eurozone Services PMI and Yellen comments

EUR/JPY recovers after over two percent sell-off last week following suspected intervention. Euro grinds higher on Monday following upbeat Services PMI data for the Eurozone. US Treasury Secretary Janet Yellen warns Japanese authorities about intervention. EUR/JPY rallies on Monday, trading up over a half a percent in the 165.60s, driven by a stronger Euro following an upwards revision to the final estimate for April Eurozone Services PMI.

Despite refusing to say whether direct currency intervention lay behind the Yen’s recovery last week, including an over two percent rise against the Euro, Yellen did say, “we would expect these interventions to be rare and consultation to take place”. EUR/JPY upside is likely to be capped by firming expectations that the European Central Bank will cut interest rates at its June meeting.

Source: Digital Coin News (digitalcoinnews.net)

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