The EUR/JPY cross trades firmer around 160.60 on Monday during the Asian trading hours.
EUR/JPY gains ground near 160.60 in Monday’s Asian session. German inflation rose to 2.6% YoY in July. Middle East geopolitical tensions might support the JPY and cap the cross’s upside. The softer Japanese Yen provides some support to the cross on the day. Trading volumes are likely to be thin for the rest of the day as Japanese markets are closed for Mountain Day. Data released by the Federal Statistical Office on Friday showed that Germany’s Harmonized Index of Consumer Prices increased 2.
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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