$EURJPY picks up bids to renew intraday high, consolidates the biggest weekly loss in five
rency pair traces the upbeat US Treasury bond yields amid fears of the economic slowdown and chatters surrounding Japan’s meddling to defend the Yen.
On the other hand, the difference between the two-day and 10-year US Treasury bond yields widened to the most in 42 years and flagged recession fears on Monday, which in turn prod the sentiment and prod the EUR/JPY buyers, due to Yen’s heaven appear. That said, the S&P00 Futures print mild losses whereas the US 10-year and two-year Treasury bond yields grind higher to nearly 3.86% and 4.92% by the press time.
It should be noted that the downbeat German data and doubts about the European Central Bank’s hawkish signals keep the EUR/JPY bears hopeful. On the other hand, Japan’s Jibun Bank Services PMI eased to 52.1 in June versus 54.2 prior and defends the Bank of Japan’s dovish bias, which in turn underpins the EUR/JPY upside.
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