The EUR/JPY cross trades in positive territory for the sixth consecutive day near 173.80 on Wednesday during the early European session.
EUR/JPY gains momentum around 173.80 in Wednesday’s European session, up 0.20% on the day. Japanese business activity turned contractionary in June, pressuring the JPY. The interest rate differential between the Eurozone and Japan continues to support the Euro for the time being. The Japanese Yen weakens after the data showed that Japanese business activity turned contractionary in June. The final reading of Japan’s Services PMI fell to 49.4 in June from 49.8 in May.
Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen.
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