EUR/JPY climbs to within a pip of 168.00 on Monday, its sixth day of gains in a row, as traders preference the Euro owing to the wide interest-rate differential between the Eurozone and Japan.
EUR/JPY rises for the sixth day in a row on a wide interest rate differential. The Euro is further bolstered by stronger-than-expected Q1 GDP growth data. Then Bank of Japan reduces quantitative easing in latest operation, temporarily supporting the Yen. Relatively higher interest rates in Europe, of 4.5%, compared to Japan’s 0.0% - 0.1% benefit the Euro more than the Japanese Yen because they lead to higher capital inflows. This in turns leads to gains for EUR/JPY.
The Euro on the other hand, has gained after the release of first quarter GDP data showed a surprise increase of 0.3% in the Eurozone GDP growth rate. This was the fastest growth rate since the third quarter of 2022 and beat market expectations of a marginal 0.1% expansion. It also comes after a run of moribund readings showing anemic growth for the continent. EUR/JPY dipped temporarily to a low of 167.50 early on Monday after the BoJ reduced its last round of quantitative easing .
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