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EUR/JPY keeps performing well for five days straight, making daily highs near 137.00. Thereby, this pair has been able to portray wide Euro not minding the political tensions in Italy. Also, Euro has remained unaffected by the decline in United States Treasury yields.
Having said this, it appears as if the EUR is responsible for causing the downward correction in the USD. This can be attributed to the fact that traders are preparing for the United States CPI (Consumer Price Index), which will be due on Wednesday. Additionally, this will be coming up during a time when the expectations for a hawking move by the Fed are high. Furthermore, the USD trended Upwards following the publication of the United States employment data for last month. However, this supported the probability of the Federal Reserve’s dictating a 0.75% interest rate increase come next month.
Additional EUR/JPY Price Factors
Somewhere else, political tensions in Italy combined gloomy declaration of a worsening Italy’s outlook could apply some Downward pull on the EUR/JPY pair value.
It is worth noting that the United States’ 10-year Treasury yield regressed to around 2.8%. This happened after it had moved upwards by 14 basis points. Nevertheless, this activity was triggered by the safe-haven move that became rampant in the market, after the Fed NFP supported hawkish bets by the Fed.
Also, another factor affecting the EUR/JPY is the pullback in the Japanese Trade Balance for the last two months (June). And a decline from ¥-1,114 BOP to ¥706.2 BOP against ¥-1.951 BOP afore anticipated occurred. Finally, news about Italy and Japan’s Economic watcher Survey may be important to short-term Traders.
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