EUR/JPY falls to mid-June lows despite weak Japanese data EURJPY Crosses Currencies
ssion. Despite inventors continue to bet on a liftoff by the Bank of Japan, analyst at Rabobank think otherwise.
The Cabinet Office reported that Machinery Orders dropped 7.6% in May MoM, far above the 1% decline expected, and recorded a yearly decrease of 8.7%. In addition, the Statistics Bureau reported that Produce Price Inflation decline to 4.1% in June, below the 4.3% expected, from the previous 5.2% figure.
Investors shouldn’t be so confident about a potential BoJ monetary policy pivot as the economy is softening. That being said, analysts at Rabobank stated that concerns about the global economyamid the tight monetary policy of the US suggest the BoJ’s possibility of a pivot is likely to be “narrow” and “non-existent”. In addition, China’s economic situation should be closely watched because it is showing weakness and may contribute to the downturn of Japan’s economic activity.
On the Euro’s side, its economic calendar had non-high-tier data released. Spain confirmed its Consumerdeclined below 2% to 1.9% YoY in June. Regarding the European Central Bank's next movements, a 25 basis points hike is already priced in July, and investors bet on high probabilities of additional increases in September and October. In that sense, hawkish bets on the ECB may limit the Euro’s losses.
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