EUR/JPY eyes more upside amid uncertainty over BoJ’s neat rate hike. Japan Ochi expects that an intervention is possible if the Yen slides further to 160 or 170 vs. the US Dollar. The speculation for ECB pivoting to interest rate cuts in June remains firm. The cross consolidates near multi-year highs but is expected to rise further as investors expect that the Bank of Japan will struggle to tighten its monetary policy further due to absence of significant wage growth spiral.
The survey also showed that economists are anticipating that the BoJ will raise interest rates one more time. The survey lacks clear consensus on when exactly the move would come. Meanwhile, the Euro performs relatively weaker against other currencies as the European Central Bank is widely anticipated to cut interest rates in the June meeting. ECB policymaker Villeroy de Galhau said last week that they could cut rates in the next meeting, barring a major surprise.
ECB BOJ Dollarindex Inflation
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