- EUR/JPY is hovering above 137.00 as investors await EURO ZEW Survey-Economic Sentiment.
- The release of BOJ’s monetary policy minutes failed to trigger the yen bulls.
- The mega event of this week will be the speech from ECB’s Christine Lagarde.
The EUR/JPY pair is consolidating in a narrow range of 137.46-137.80 as investors are awaiting the release of Europe’s ZEW Survey-Economic Sentiment, which dictates the deviation between the number of optimistic and pessimistic institutional investors. The ZEW Survey is seen at -41 against the former print of -43. Generally, a negative figure results in more weakness for the shared currency.
On a broader note, the cross has delivered a flat-to-positive performance over the past few weeks. The euro bulls are expecting the phase of stagflation amid galloping inflation numbers due to higher energy bills and other commodity prices. Meanwhile, the inability of the administration in creating jobs has raised concerns over the employment figures. The European Central Bank (ECB) doesn’t seem to paddle its interest rates until the end of the Asset Purchase Program (APP), which is expected to conclude in the third quarter of this year.
Meanwhile, the Japanese yen has failed to bring any actionable move despite the release of the Bank of Japan (BOJ)’s monetary policy minutes on Monday. It is worth noting that the BOJ continued its prolonged ‘neutral’ stance on its monetary policy announced in the last week of April.
This week the mega event will be the speech from ECB’s President Christine Lagarde which is due on Wednesday. The speech from ECB’s Lagarde will provide insights on the likely monetary policy action by the ECB in June.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price treads water near $2,320, awaits US GDP data
Gold price recovers losses but keeps its range near $2,320 early Thursday. Renewed weakness in the US Dollar and the US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold price stays vulnerable amid Middle East de-escalation, awaiting US Q1 GDP data.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.